Macerich to repay bank debt wit h $700 million five-year convertibles

By Kenneth Lim

Boston, March 12 - The Macerich Co. plans to repay bank debt with proceeds from a $700 million offering of five-year convertible senior notes.

The convertibles were scheduled to price after the close Monday.

Deutsche Bank and JP Morgan are the bookrunners of the Rule 144A offering.

Macerich, a Santa Monica, Calif.-based real estate investment trust that focuses on regional and community shopping centers, will use proceeds to repay an existing $250 million term loan due 2007 that bears interest at Libor plus 150 basis points and to partly pay down a $1.5 billion revolving loan.

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