Macerich Prices 14M-Share Offering at $23.90 with 2.1M-Share Overallotment Option
MAC•Macerich has priced an underwritten public offering of 14 million common shares at $23.90 each via forward sale agreements with major banks and granted underwriters a 30-day option for 2.1 million additional shares. Proceeds will be received upon settlement by June 16, 2027 and used for acquisitions and corporate purposes.
1. Offering Details
Macerich has launched an underwritten public offering of 14 million common shares priced at $23.90 per share, with Goldman Sachs acting as lead bookrunner alongside Deutsche Bank, J.P. Morgan, Morgan Stanley and others serving as joint bookrunners. The underwriters also hold a 30-day option to purchase an additional 2.1 million shares.
2. Forward Sale Agreement Structure
The company entered into forward sale agreements with major financial institutions under which forward purchasers will borrow and sell the shares and Macerich can elect cash or net share settlement by June 16, 2027, subject to pricing adjustments outlined in the agreements.
3. Use and Timing of Proceeds
Macerich will not receive immediate proceeds from the sale but expects to collect cash upon settlement of the forward agreements. The net proceeds are earmarked for future acquisition opportunities and corporate purposes and may be parked in short-term interest-bearing accounts until needed.
