Macerich announced that its operating partnership priced an upsized offering of $675 million aggregate principal amount of 2.25% exchangeable senior notes due 2031, up from the previously announced $600 million. The notes, fully and unconditionally guaranteed by Macerich on a senior unsecured basis, are scheduled to settle on August 11, 2026, with an initial exchange rate of 35.4761 shares of Macerich common stock per $1,000 principal amount, representing an initial exchange price of approximately $28.19 per share, a 20% premium over the last reported sale price of $23.49 on August 6, 2026. Macerich Partnership also granted the initial purchasers a 13-day option to purchase up to an additional $100 million in notes. Net proceeds are estimated at approximately $659.1 million, with about $39.2 million used to pay for capped call transactions intended to reduce potential dilution, and the remainder for refinancing existing secured debt and general corporate purposes.
Macerich CompanyUpsized debt offering increases leverage and potential dilution, though capped calls mitigate some dilution.
