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Macerich enters agreement for $700 million term loan, revolver
By Wendy Van Sickle
Columbus, Ohio, April 19 – Macerich Co.’s operating partnership Macerich Partnership, LP entered into a credit agreement providing for $700 million split between a $525 million two-year revolver and a $175 million three-year term loan, according to an 8-K filing with the Securities and Exchange Commission.
The revolver matures on April 14, 2023 and has a one-year extension option. The term loan matures on April 14, 2024.
The borrower has the ability to increase the revolver to up to $800 million.
Borrowings bear interest at Libor plus an initial margin of 275 basis points. The margin may vary based on availability.
Deutsche Bank, JPMorgan, and Goldman Sachs are the joint lead lenders for the facility; Deutsche Bank is the administrative agent and a co-syndication agent along with JPMorgan. Goldman Sachs is the documentation agent.
At closing, the company drew the full amount available under the term loan and $320 million under the revolver, and it simultaneously repaid debt totaling nearly $1 billion.
The company must maintain a borrowing base of 1.2 times the amount of outstanding borrowings on the revolver.
Macerich is a Santa Monica, Calif.-based real estate investment trust focused on regional and community shopping centers.
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