Macerich Announces Commencement of Public Offering of Common Stock
Macerich (NYSE: MAC) has announced a public offering of 18,000,000 shares of common stock, with underwriters having a 30-day option to purchase up to 2,700,000 additional shares. The company plans to use the net proceeds, along with cash on hand from recent 'at the market' offering sales, to repay a $478.0 million mortgage loan with approximately 9.0% fixed interest rate secured by its Washington Square property. Goldman Sachs & Co. is serving as the lead bookrunner for the offering.
Macerich (NYSE: MAC) ha annunciato un'offerta pubblica di 18,000,000 azioni di azioni ordinarie, con i sottoscrittori che hanno un'opzione di acquisto di altre 2,700,000 azioni per 30 giorni. La società prevede di utilizzare i proventi netti, insieme a liquidità disponibile dagli ultimi vendite 'at the market', per rimborsare un mutuo di $478,0 milioni con un tasso di interesse fisso di circa 9,0%, garantito dalla sua proprietà Washington Square. Goldman Sachs & Co. funge da lead bookrunner per l'offerta.
Macerich (NYSE: MAC) ha anunciado una oferta pública de 18,000,000 acciones de acciones ordinarias, con los suscriptores teniendo la opción de comprar hasta 2,700,000 acciones adicionales durante 30 días. La compañía planea utilizar los ingresos netos, junto con el efectivo disponible de las recientes ventas 'at the market', para reembolsar un préstamo hipotecario de $478.0 millones con una tasa de interés fija de aproximadamente 9.0% garantizada por su propiedad Washington Square. Goldman Sachs & Co. actúa como el bookrunner principal para la oferta.
매서리치 (NYSE: MAC)는 18,000,000주의 보통주 공개 매도를 발표했으며, 인수자는 2,700,000주 추가 매수 옵션이 30일간 주어집니다. 회사는 최근 'at the market' 매매에서 확보한 현금과 함께 순수익을 사용하여 약 9.0% 고정 금리를 적용받는 4억 7800만 달러의 모기지 대출을 상환할 계획입니다. 골드만삭스 & 코가 이 공모의 주된 북런너로 활동하고 있습니다.
Macerich (NYSE: MAC) a annoncé une offre publique de 18 000 000 actions d'actions ordinaires, avec des souscripteurs ayant une option d'achat de 2 700 000 actions supplémentaires pendant 30 jours. La société prévoit d'utiliser les produits nets, ainsi que des liquidités provenant des ventes récentes 'at the market', pour rembourser un prêt hypothécaire de 478,0 millions de dollars avec un taux d'intérêt fixe d'environ 9,0 % garanti par sa propriété Washington Square. Goldman Sachs & Co. est le livreur principal pour l'offre.
Macerich (NYSE: MAC) hat eine öffentliche Ausgabe von 18.000.000 Aktien gewöhnlicher Anteile angekündigt, wobei die Underwriter die Option haben, innerhalb von 30 Tagen bis zu 2.700.000 zusätzliche Aktien zu kaufen. Das Unternehmen plant, den Nettoprozeß zusammen mit Barmitteln aus den jüngsten 'at the market'-Verkäufen zu verwenden, um ein Hypothekendarlehen über 478,0 Millionen Dollar mit einem festen Zinssatz von etwa 9,0 % zurückzuzahlen, das durch seine Washington Square-Immobilie gesichert ist. Goldman Sachs & Co. fungiert als Hauptbuchführer für das Angebot.
- Debt reduction through repayment of high-interest mortgage loan (9.0%)
- Strategic use of proceeds to improve balance sheet structure
- Significant shareholder dilution through 18M share offering
- Additional potential dilution of 2.7M shares through underwriters' option
- Large-scale equity raise indicating potential capital structure concerns
Insights
This stock offering marks a significant financial move by Macerich to refinance high-cost debt. The company plans to issue 18 million shares with an additional 2.7 million option, primarily targeting the repayment of a
The decision to dilute equity to pay down expensive debt demonstrates strategic financial management in the current high-interest rate environment. While this will increase the share count and potentially pressure stock price near-term, it should improve the company's interest coverage ratios and reduce annual interest expenses significantly. The replacement of
SANTA MONICA, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”) announced today that it has commenced an underwritten public offering of 18,000,000 shares of common stock. The Company expects to grant the underwriters a 30-day option to purchase up to 2,700,000 additional shares of its 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
Goldman Sachs & Co. LLC is serving as the lead bookrunner and representative of the underwriters of the offering. Copies of the preliminary prospectus supplement and accompanying prospectus relating to these securities may be obtained, when available, by contacting: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by email at Prospectus-ny@ny.email.gs.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any such offer or sale will be made only by means of the prospectus supplement and prospectus forming part of the effective registration statement relating to these securities.
About the Company
Macerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 45 million square feet of real estate, consisting primarily of interests in 41 retail centers.
Forward-Looking Information
Information set forth in this press release contains “forward-looking statements” (within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which reflect the Company’s expectations regarding future events and plans, including, but not limited to, statements regarding the Company’s potential grant to the underwriters of an option to purchase additional shares of common stock and the Company’s anticipated use of net proceeds from the offering. Generally, the words “expects,” “anticipates,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “scheduled,” “predicts,” “may,” “will,” “should,” “could,” variations of such words and similar expressions identify forward-looking statements. The forward-looking statements are based on information currently available to us and involve a number of known and unknown assumptions, risks, uncertainties and other factors, which may be difficult to predict and beyond the control of the Company, which could cause actual results to differ materially from those contained in the forward-looking statements. These factors include the risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements contained in this press release whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.
INVESTOR CONTACT: Samantha Greening, AVP, Investor Relations, Samantha.Greening@macerich.com
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