Retail REIT Macerich rises after increased $675 mln exchangeable notes sale
MAC•Use of proceeds and recent trading
MAC shares fell about 7.5% on Thursday after the company unveiled a $600 million offering to refinance debt and for general purposes.
The company plans to use approximately $39.2 million of the net proceeds to pay for capped call transactions.
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.
MAC shares are now up 30% year to date.
The average rating of 16 analysts is "buy"; median price target is $27, per LSEG.
Macerich shares rise after upsized notes offering
Mall operator Macerich's MAC.N shares were up 1.9% at $23.94 on Friday after an above-plan raise.
Santa Monica, California-based REIT early Friday announced pricing a private offering of $675 million of 2.25% exchangeable notes due Aug. 15, 2031.
The initial exchangeable price of $28.19 is a 20% premium to the stock's last sale of $23.49 on Thursday.
