Macerich Amends Revolver to $900M, Cuts SOFR Spread to 180–220 bps
Macerich closed an amended $900 million revolver, upsizing from $650 million, extending maturity to March 2030 and cutting its spread to 180–220 bps over SOFR, with a potential reduction to 135–165 bps. The undrawn facility lowers borrowing costs, reduces commitment fees and bolsters liquidity under its Path Forward Plan.
1. Revised Revolving Credit Facility
Macerich’s amended and restated revolving credit facility increases borrowing capacity from $650 million to $900 million, with maturity extended from January 2027 to March 2030 and an option for a further 12-month extension. The facility’s pricing grid now ranges from 180 to 220 basis points over SOFR, with undrawn status at closing and potential to narrow spreads to 135–165 basis points upon achieving specified performance thresholds.
2. Strategic Financial Impact
The undrawn revolver reduces expected borrowing costs to 190 basis points over SOFR and cuts unused commitment fees, significantly enhancing liquidity and financial flexibility. This strengthened capital structure supports Macerich’s Path Forward Plan and provides ready funding for its portfolio of high-quality retail properties across top U.S. markets.