Macerich Company (MAC) announced that it has priced a public offering of 12 million newly issued shares of its common stock at a price to the public of $29.00 per share. 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 closing of the offering is expected to occur on October 27, 2009.
The company 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.
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