By Ted A. Knutson
Washington, Dec. 23 - The Macerich Co.'s operating partnership will issue $210 million in convertible preferred units to limited partners of Wilmorite Holdings LP as part of Macerich's $2.33 billion purchase price for Wilmorite Holdings and Wilmonrie Properties, Inc.
The Macerich Partnership LP said the convertibles will be redeemable for the proportion of Wilmorite's total real estate holdings that are in the Rochester, NY area. Wilmorite owns 14 regional shopping centers and two strip centers in eight states,
The convertible preferred units will have a liquidation preference of $62.39 per unit, a conversion price of $74.87 per unit and an initial dividend yield of approximately 5.75% of the liquidation preference.
Macerich is a Santa, Monica, Calif.-based mall developer.
| Issuer: | The Macerich Partnership LP
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| Issue: | Convertible preferred units |
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| Amount: | $210 million |
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| Dividend: | 5.75%
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| Liquidation preference: | $62.39
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| Conversion price: | $76.87 per unit |
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| Investor: | Wilmorite Holdings LP
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