BUZZ: Retail REIT Macerich sags after announcing $600 mln notes offering
MAC•Macerich falls after announcing $600 million notes offering
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Retail REIT Macerich's MAC.N shares were down 2.4% to $24.77 on Thursday as it seeks another capital raise.
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The Santa Monica, California-based firm early Thursday announced a private offering of $600 million exchangeable notes due Aug. 15, 2031.
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The company said it intends to use some net proceeds to pay the cost of capped call transactions to offset potential dilution, with the remainder to refinance debt and for general purposes.
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MAC has a market cap of roughly $7 billion.
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Late Tuesday, the company posted second-quarter adjusted FFO per share of 35 cents, up from 34 cents a year ago, saying it expects strong retailer demand due to limited supply of regional malls.
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It recently tapped the equity markets with stock offerings in June and May.
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Despite the decline, the stock is up about 34% year to date.
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The average rating of 16 analysts is "buy"; median price target is $27, according to LSEG.
