Macerich Prices Upsized 19.2M Share Offering at $21 Raising $403.2M
Macerich priced an upsized public offering of 19.2 million common shares at $21 each, targeting gross proceeds of approximately $403.2 million. Net proceeds will repay revolving credit borrowings used to fund the $272 million Annapolis Mall acquisition and support additional property acquisitions and leasing investments.
1. Offering Details
Macerich upsized its previously announced public offering from 16 million to 19.2 million shares of common stock, setting the public price at $21 per share for gross proceeds of approximately $403.2 million. The company also granted underwriters a 30-day option to purchase up to 2.88 million additional shares under customary terms.
2. Use of Proceeds and Impact
The net proceeds will be allocated primarily to repay borrowings under Macerich’s revolving credit facility, which financed the $272 million acquisition of Annapolis Mall. Remaining funds will support further property acquisitions and strategic leasing capital investments at current and future assets.