Macerich Commences Public Offering of 16M Common Shares

The Macerich Company announced the commencement of an underwritten public offering of 16,000,000 shares of common stock. The company also expects to grant the underwriters a 30-day option to purchase up to an additional 2,400,000 shares. Macerich intends to use the net proceeds to repay borrowings under its revolving credit facility, which were primarily used for the acquisition of Annapolis Mall, and for general corporate purposes, including acquiring additional properties and funding strategic leasing investments at Annapolis Mall.