Macerich Announces New Financing Activity
November 18 2008 - 3:41PM
PR Newswire (US)
SANTA MONICA, Calif., Nov. 18 /PRNewswire-FirstCall/ -- The
Macerich Company (NYSE:MAC) today reached agreement on a $130
million refinancing of a portion of Queens Center in New York. The
loan term is coterminous with the $214 million of debt on the
expanded portion of Queens Center which matures on March 1, 2013.
The interest rate has been locked at a 7.5% fixed rate and is
expected to close in early 2009. The existing loan of $89 million
with a 7.11% effective interest rate will be paid off. On another
2009 maturity, 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 December 2008
and the interest rate has been locked at 6.00%. The current loan of
$128 million is scheduled to mature in February, 2009. These loans
are with relationship life insurance companies and a pension fund
and are subject to customary closing conditions. The Company's pro
rata share of the new loan proceeds in excess of the maturing debt
is expected to be $100 million. Upon completion of these financings
and after excluding loans with built in extensions, the Company
will have only $525 million of remaining 2009 loan maturities.
There are no remaining 2008 maturities. After closing the two loans
mentioned above, the company expect to have over $550 million of
capacity available under its line of credit. Also, to correct some
confusion in the marketplace, the Company does not own or manage
the Promenade at Dos Lagos and is not the holder or issuer of CMBS
notes related to that property. 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 and the Quarterly Report on the Form 10-Q for the
quarter ended September 30, 2008, 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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