Macerich Prices 9,523,810 Share Common Stock Public Offering
January 13 2006 - 9:00AM
PR Newswire (US)
SANTA MONICA, Calif., Jan. 13 /PRNewswire-FirstCall/ -- The
Macerich Company (NYSE:MAC) today announced that it has priced a
public offering of 9,523,810 newly issued shares of its common
stock at an initial price to the public of $69.50 per share. In
connection with the offering, the company also has granted the
underwriters a 30-day option to purchase up to an additional
1,428,571 shares of common stock solely to cover over-allotments,
if any. The closing of the offering is expected to occur on January
19, 2006, subject to the satisfaction of customary closing
conditions. The net proceeds of the offering (assuming no exercise
of the underwriters' option to purchase additional shares) are
expected to be approximately $649 million after deducting
underwriting discounts, commissions and offering expenses. The
company intends to use the net proceeds of the offering to repay a
portion of the indebtedness incurred in connection with the recent
acquisition of Wilmorite Properties, Inc. and Wilmorite Holdings,
L.P. and to pay a portion of the purchase price for Valley River
Center, a 916,000 square foot super-regional mall in Eugene,
Oregon. Deutsche Bank Securities Inc. and J.P. Morgan Securities
Inc. acted as joint book-running managers and underwriters for the
offering. An automatic shelf registration statement relating to the
common stock was previously filed with the Securities and Exchange
Commission and became effective upon such filing. This press
release shall not constitute an offer to sell nor the solicitation
of an offer to buy nor shall there be any sale of these shares of
common stock in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The offering is being made only by means of a
prospectus supplement and related prospectus, copies of which may
be obtained from: Deutsche Bank Securities Inc., 60 Wall Street,
4th Floor, New York, New York 10005. Note: This press release
contains forward-looking statements regarding our intended use of
the net proceeds from the sale of the shares that are intended to
be subject to the safe harbor protection provided by Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Stockholders are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks, uncertainties and other factors that may cause
actual results, performance or achievements of the Company to vary
materially from those anticipated, expected or projected. Such
factors include, among others, general industry, economic and
business conditions, which will, among other things, affect demand
for retail space or retail goods, availability and creditworthiness
of current and prospective tenants, anchor or tenant bankruptcies,
closures, mergers or consolidations, lease rates and terms,
interest rate fluctuations, availability and cost of financing and
operating expenses; adverse changes in the real estate markets
including, among other things, competition from other companies,
retail formats and technology, risks of real estate development and
redevelopment, acquisitions and dispositions; governmental actions
and initiatives (including legislative and regulatory changes);
environmental and safety requirements; and terrorist activities
which could adversely affect all of the above factors. The reader
is directed to the Company's various filings with the Securities
and Exchange Commission, for a discussion of such risks and
uncertainties. DATASOURCE: The Macerich Company CONTACT: Arthur
Coppola, President and Chief Executive Officer, or Thomas O'Hern,
Executive Vice President and Chief Financial Officer, +1-310-
394-6000, or Edward C. Coppola, Senior Executive Vice President and
Chief Investment Officer, +1-972-385-9858, all of The Macerich
Company Web site: http://www.macerich.com/
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