Financing ·
On August 11, 2026, The Macerich Partnership completed the issuance of $775 million in aggregate principal amount of…
MACMacerich Co
On August 11, 2026, The Macerich Partnership completed the issuance of $775 million in aggregate principal amount of 2.25% Exchangeable Senior Notes due 2031, including the full exercise of a $100 million over-allotment option. The notes are fully guaranteed by The Macerich Company and accrue interest payable semi-annually on February 15 and August 15, beginning in February 2027. The initial exchange rate is 35.4761 shares of common stock per $1,000 principal amount, representing an exchange price of approximately $28.19 per share. Concurrently, the company entered into capped call transactions with a cap price of approximately $34.06 per share to mitigate potential dilution. Net proceeds were approximately $757 million after deducting discounts and offering expenses, with roughly $45 million allocated to the cost of the capped calls. The remaining net proceeds are intended to refinance existing secured debt and for general corporate purposes. The Macerich Company is a real estate investment trust that owns, operates, and develops high-quality retail real estate primarily in California and other major U.S. markets.