Macerich Announces Over $500 Million of Recent Financing Activity
October 03 2008 - 1:18PM
PR Newswire (US)
SANTA MONICA, Calif., Oct. 3 /PRNewswire-FirstCall/ -- The Macerich
Company (NYSE:MAC) today announced the closing of three loan
financings and commitments on two other financings. The total loan
amount on all five transactions is $538.6 million and the Company's
pro rata share of the excess proceeds above the prior loans is
expected to be approximately $133 million. On July 31, 2008 the
Company closed on a $150 million refinancing of Broadway Plaza in
Walnut Creek, California. The new loan bears interest at a fixed
rate of 6.11% and has a seven year term. The prior loan amount was
$58.8 million. On October 1, 2008 the Company closed on a $29.7
million loan on Chandler Festival and an $18.9 million loan on
Chandler Gateway. Both loans are for a seven year term with a fixed
interest rate of 6.15%. On October 15, 2008 the Company expects to
close on a $90 million fixed rate loan on South Towne Center in
Sandy, Utah. The seven year fixed rate loan will have an interest
rate of 6.25%. In addition, the Company has come to agreement on a
$250 million refinancing of Washington Square Mall in Portland,
Oregon. That seven year fixed rate loan is expected to close in the
4th quarter of 2008 and the interest rate has been locked at 6.00%.
The current loan of $128 million is schedule to mature in February,
2009. These loans have been done with relationship life insurance
companies and pension funds. Upon completion of these financings,
year to date the Company will have completed 12 financing
transactions for over $1.6 billion. Macerich is a fully integrated
self-managed and self-administered real estate investment trust,
which focuses on the acquisition, leasing, management, development
and redevelopment of regional malls throughout the United States.
The Company is the sole general partner and owns an 86% ownership
interest in The Macerich Partnership, L.P. Macerich now owns
approximately 77 million square feet of gross leaseable area
consisting primarily of interests in 72 regional malls. Additional
information about Macerich can be obtained from the Company's Web
site at http://www.macerich.com/. Note: This release contains
statements that constitute forward-looking statements. 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,
including the Annual Report on Form 10-KA for the year ended
December 31, 2007, for a discussion of such risks and
uncertainties, which discussion is incorporated herein by
reference. The Company does not intend, and undertakes no
obligation, to update any forward-looking information to reflect
events or circumstances after the date of this release or to
reflect the occurrence of unanticipated events. DATASOURCE: The
Macerich Company CONTACT: Arthur Coppola, Chairman and Chief
Executive Officer, or Thomas E. O'Hern, Senior Executive Vice
President and Chief Financial Officer, both of The Macerich
Company, +1-310-394-6000 Web site: http://www.macerich.com/
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