Loan & DebtAug 7, 2026, 07:06 AM
Macerich Partnership Prices $675M Exchangeable Senior Notes
AI Summary
The Macerich Company's operating partnership, The Macerich Partnership, L.P., priced an upsized offering of $675 million aggregate principal amount of 2.25% exchangeable senior notes due 2031. The notes, guaranteed by Macerich, will mature on August 15, 2031, and have an initial exchange price of $28.19 per share, representing a 20% premium over the last reported stock price. Net proceeds, estimated at $659.1 million, will be used to pay for capped call transactions, refinance existing secured debt, and for general corporate purposes.
Key Highlights
- Macerich Partnership priced $675 million aggregate principal amount of 2.25% exchangeable senior notes due 2031.
- The offering was upsized from the previously announced $600 million aggregate principal amount.
- Notes accrue interest at 2.25% per annum, payable semi-annually, maturing on August 15, 2031.
- Initial exchange rate is 35.4761 shares per $1,000 principal, an initial exchange price of $28.19 per share.
- Initial exchange price represents a 20% premium over Macerich's common stock last reported sale price of $23.49.
- Net proceeds are estimated at $659.1 million, or $757.0 million if the option to purchase additional notes is fully exercised.
- Approximately $39.2 million of net proceeds will cover capped call transactions.
- Remaining net proceeds will refinance existing secured debt and be used for general corporate purposes.
Price Impact
More from MAC