Macerich Company to raise $400.2 million through public offering of common stock

Fri. October 23, 2009; Posted: 02:32 PM

Oct 23, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- MAC | Quote | Chart | News | PowerRating -- Update on October 23, 2009:

The Macerich Company, a US-based real estate investment trust, has announced that the underwriters of its public offering have exercised their over-allotment option to purchase an additional 1.8 million shares of the company's common stock.

Macerich will now issue 13.8 million shares of its common stock at a price of $29 per share to raise gross proceeds of $400.2 million.

Update on October 22, 2009:

Macerich has priced a public offering of 12 million newly issued shares of its common stock at a price of $29 per share to raise gross proceeds of $348 million.

In connection with the offering, the company also has granted the underwriters a 30-day option to purchase up to an additional 1.8 million shares of common stock solely to cover over-allotments, if any. The offering is expected to close on October 27, 2009.

Announcement (October 21, 2009):

Macerich is planning to sell 12 million shares of its common stock in an underwritten public offering. Macerich intends to grant the underwriters a 30-day option to purchase up to 1.8 million additional shares to cover over-allotments.

Deutsche Bank Securities, Inc. and J.P. Morgan Securities, Inc. are acting as joint book-running managers and underwriters for the offering.

Deal Value (US$ Million) 348
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Announced: 2009-10-21

Deal Participants

Target (Company) The Macerich Company

Deal Rationale

Macerich intends to use the net proceeds of the offering to repay a portion of the outstanding balance under its $1.5 billion revolving line of credit.

Offer Price ($ per share) 29
No. Shares Issued         12000000

For full details on Macerich Co (MAC) click here. Macerich Co (MAC) has Short Term PowerRatings of 5. Details on Macerich Co (MAC) Short Term PowerRatings is available at This Link.

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