Macerich announces offering of 18M shares of common stock

The Macerich (MAC) Company announced that it has commenced an underwritten public offering of 18M shares of common stock. The company intends to use the net proceeds of this offering together with cash on hand, including from recent sales under the company’s “at the market” offering program, to repay the $478M mortgage loan with a fixed effective interest rate of approximately 9.0% and which is secured by its Washington Square property. Pending such use, the company may invest the net proceeds in short-term, interest-bearing deposit accounts. Goldman Sachs & Co. is serving as the lead bookrunner and representative of the underwriters of the offering.