Macerich gets $1.5 billion four-year revolver at Libor plus 200 bps

By Angela McDaniels

Tacoma, Wash., May 6 - Macerich Co. and Macerich Partnership, LP entered into a $1.5 billion revolving credit facility due May 2, 2015 on Monday, according to an 8-K filing with the Securities and Exchange Commission.

There is a one-year extension option.

The initial interest rate is adjusted Libor plus 200 basis points. The commitment fee is 35 bps.

Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the bookrunners and lead arrangers. JPMorgan Chase Bank, NA is the syndication agent. Wells Fargo Bank, NA, Royal Bank of Scotland plc and Barclays Bank plc are the documentation agents. Deutsche Bank Trust Co. Americas is the administrative agent.

The credit agreement includes financial covenants requiring a minimum net worth, maximum leverage ratio, minimum interest coverage ratio, minimum fixed charge coverage ratio, maximum secured leverage ratio and maximum floating-rate debt.

At closing, $18 million of letters of credit and no loans were outstanding under the revolver.

The revolver replaces the company's $1.5 billion revolver that expired on April 25.

Macerich is a Santa Monica, Calif.-based real estate investment trust that focuses on regional and community shopping centers.

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