Macerich Announces $446 Million in Financing Activity
March 30 2009 - 6:00AM
PR Newswire (US)
SANTA MONICA, Calif., March 30 /PRNewswire-FirstCall/ -- The
Macerich Company (NYSE:MAC) today received a commitment for a $205
million refinancing of North Bridge Center in Chicago. The loan
term is seven years at a fixed interest rate of 7.5% and is
expected to close in June 2009. The lender is a major life
insurance company. On another 2009 maturity, the Company has closed
on a $115 million bank refinancing of Twenty Ninth Street Center in
Boulder, Colorado. The loan is a two year loan with a one year
extension option. The interest rate floats at LIBOR plus 3.40% with
a floor of 5.25%. The initial rate is 5.25%. In addition the
Company has closed on a two year extension of the $54 million CMBS
loan on Inland Center in San Bernardino. The new loan maturity date
is February 11, 2011. The loan will carry the existing fixed
interest rate of 4.64% until July 11, 2009. Effective July 11,
2009, the fixed interest rate increases to 5.0%, effective January
11, 2010, the fixed interest rate increases to 5.50%, and effective
July 11, 2010, the fixed interest rate increases to 6.0%. The
Company has also reached agreement on an extension of its loan on
Northridge Mall in Salinas, California. The extended loan amount
will be $72 million at a fixed interest rate of 7.5%. The loan is
now scheduled to mature in January, 2011. Upon completion of these
financings and after excluding loans with built in extensions, the
Company will have only $223 million of remaining 2009 loan
maturities. 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 87% ownership interest in The
Macerich Partnership, L.P. Macerich now owns approximately 76
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-K for the year ended
December 31, 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:
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 Macerich Company,
+1-310-394-6000 Web Site: http://www.macerich.com/
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