Macerich closes $650 million extended, expanded revolver

By Marisa Wong

Los Angeles, Sept. 12 – Macerich Co. announced it closed an amended and restated $650 million revolving credit facility.

The new facility provides an increase of $125 million from the company’s existing $525 million facility that was scheduled to mature on April 14, 2024, according to a press release.

The new facility has a maturity date of Feb. 1, 2028, including a one-year extension option.

Interest is equal to SOFR plus 210 basis points to 260 bps. The margin varies based on the company’s debt yield covenant. At closing, the interest rate was unchanged versus the existing credit facility at SOFR plus 235 bps.

Macerich currently has about $660 million of liquidity, including $498 million of availability on this newly expanded $650 million revolver.

Macerich is a Santa Monica, Calif.-based real estate investment trust that owns, operates and develops high-quality retail real estate with a portfolio concentrated in California, the Pacific Northwest, Phoenix/Scottsdale and the Metro New York to Washington, D.C. corridor.

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