Macerich Announces Closing of Public Offering of Common Stock and Full Exercise of Over-Allotment Option by Underwriters
January 19 2006 - 4:15PM
PR Newswire (US)
SANTA MONICA, Calif., Jan. 19 /PRNewswire-FirstCall/ -- The
Macerich Company (NYSE:MAC) today announced the closing of its
previously announced offering of 9,523,810 newly issued shares of
its common stock, as well as the exercise in full and closing of
the underwriters' over-allotment option to purchase an additional
1,428,571 shares of common stock. The net proceeds of the offering,
after giving effect to the issuance and sale of all 10,952,381
shares of common stock at an initial price to the public of $69.50
per share, were approximately $746.5 million after deducting
underwriting discounts, commissions and offering expenses. The
company used a portion of 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 intends to use the remaining net proceeds to pay
a portion of the purchase price for Valley River Center, a 916,000
square foot super-regional mall in Eugene, Oregon. 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. Copies of the prospectus and the related prospectus
supplement for the offering 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. First Call Analyst: FCMN Contact:
melissa.werner@macerich.com DATASOURCE: The Macerich Company
CONTACT: Press, Arthur Coppola, President and Chief Executive
Officer, +1-310-394-6000, 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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