Macerich Announces Pricing of Upsized Public Offering of Common Stock
Macerich (NYSE: MAC) has priced an upsized public offering of 20 million shares of common stock at $19.75 per share, expecting to raise approximately $395 million in gross proceeds. The offering, increased from the initially announced 18 million shares, includes a 30-day option for underwriters to purchase up to 3 million additional shares. The company plans to use the proceeds, along with cash on hand, to repay a $478 million mortgage loan with a 9.0% fixed interest rate secured by its Washington Square property. The offering is expected to close on November 27, 2024.
Macerich (NYSE: MAC) ha fissato un'offerta pubblica ampliata di 20 milioni di azioni di azioni ordinarie a 19,75 $ per azione, con l'aspettativa di raccogliere circa 395 milioni di dollari in proventi lordi. L'offerta, aumentata rispetto ai 18 milioni di azioni inizialmente annunciati, include un'opzione di 30 giorni per i sottoscrittori di acquistare fino a 3 milioni di azioni aggiuntive. L'azienda prevede di utilizzare i proventi, insieme ai fondi disponibili, per rimborsare un mutuo di 478 milioni di dollari con un tasso d'interesse fisso del 9,0% garantito dalla sua proprietà Washington Square. Si prevede che l'offerta si concluda il 27 novembre 2024.
Macerich (NYSE: MAC) ha fijado una oferta pública ampliada de 20 millones de acciones de acciones ordinarias a 19,75 $ por acción, esperando recaudar aproximadamente 395 millones de dólares en ingresos brutos. La oferta, aumentada desde los inicialmente anunciados 18 millones de acciones, incluye una opción de 30 días para que los suscriptores compren hasta 3 millones de acciones adicionales. La compañía planea utilizar los ingresos, junto con el efectivo disponible, para pagar un préstamo hipotecario de 478 millones de dólares con una tasa de interés fija del 9,0% garantizado por su propiedad Washington Square. Se espera que la oferta cierre el 27 de noviembre de 2024.
매서리치 (NYSE: MAC)는 2천만 주의 보통주 공개 매각을 주당 19.75 달러로 가격을 책정하여 약 3억 9천5백만 달러의 총 수익을 올릴 것으로 예상하고 있습니다. 처음 발표된 1천8백만 주에서 증가한 이번 매각은 언더라이터가 추가로 최대 3백만 주를 구매할 수 있는 30일 옵션도 포함되어 있습니다. 회사는 수익금을 현금과 함께 사용하여 워싱턴 스퀘어 자산으로 담보된 4억 7천8백만 달러의 담보 대출을 상환할 계획입니다. 이번 매각은 2024년 11월 27일에 종료될 것으로 예상됩니다.
Macerich (NYSE: MAC) a fixé un appel d'offres public élargi de 20 millions d'actions d'actions ordinaires à 19,75 $ par action, s'attendant à lever environ 395 millions de dollars de produits bruts. L'offre, augmentée par rapport aux 18 millions d'actions initialement annoncées, comprend une option de 30 jours permettant aux souscripteurs d'acheter jusqu'à 3 millions d'actions supplémentaires. L'entreprise prévoit d'utiliser les recettes, ainsi que des liquidités disponibles, pour rembourser un prêt hypothécaire de 478 millions de dollars avec un taux d'intérêt fixe de 9,0 % garanti par sa propriété Washington Square. L'offre devrait se clôturer le 27 novembre 2024.
Macerich (NYSE: MAC) hat eine erhöhte öffentliche Angebot von 20 Millionen Aktien zu einem Preis von 19,75 $ pro Aktie festgesetzt und erwartet, etwa 395 Millionen Dollar an Bruttoerlösen zu erzielen. Das Angebot, das von den ursprünglich angekündigten 18 Millionen Aktien erhöht wurde, enthält eine 30-tägige Option für die Underwriter, bis zu 3 Millionen zusätzliche Aktien zu kaufen. Das Unternehmen plant, die Erlöse zusammen mit vorhandenen Bargeldmitteln zu verwenden, um ein Hypothekendarlehen in Höhe von 478 Millionen Dollar mit einem festen Zinssatz von 9,0 %, das durch sein Washington Square-Eigentum gesichert ist, zurückzuzahlen. Der Abschluss des Angebots wird für den 27. November 2024 erwartet.
- Repayment of high-interest mortgage loan (9.0%) with offering proceeds
- Successful upsizing of offering from 18M to 20M shares indicating strong demand
- Strategic debt reduction improving balance sheet structure
- Significant shareholder dilution with 20M new shares being issued
- Stock offering priced at $19.75 may pressure current share price
- Total funding need of $478M exceeds offering proceeds of $395M
Insights
This equity offering marks a significant strategic move by Macerich to refinance high-cost debt. The company is raising
The transaction will improve Macerich's capital structure by replacing expensive secured debt with equity capital. While this will cause dilution of approximately
SANTA MONICA, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”) announced today that it has priced an underwritten public offering of 20,000,000 shares of common stock at a price to public of
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. J.P. Morgan, Deutsche Bank Securities, BMO Capital Markets and TD Securities are also serving as joint bookrunning managers for the offering. Copies of the 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 closing of the offering, the underwriters’ 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. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the Company’s ability to close the offering including that the closing of the aforementioned offering is subject to, among other things, standard closing conditions and customary rights of the underwriters to terminate the underwriting agreement due to any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions; the actual use of proceeds therefrom; and other 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
FAQ
What is the price per share for Macerich's (MAC) November 2024 stock offering?
How many shares is Macerich (MAC) offering in its November 2024 public offering?
What will Macerich (MAC) use the proceeds from its 2024 stock offering for?
When will Macerich's (MAC) November 2024 stock offering close?
