MACERICH CO (MAC): debt financing — Macerich replaces existing credit facility with $650M revolver maturing 2027, draws $152M

MACERICH CO

New $650M revolving loan facility matures Feb 1, 2027, with option to extend to Feb 1, 2028.
Borrower may increase facility up to $950M subject to additional lender commitments.
Interest margins range from 1.00% to 2.50% based on leverage; currently 1.25% base rate / 2.25% SOFR.
Borrower drew $152M at closing to repay outstanding amounts under the prior credit agreement.
Facility includes borrowing base covenant, financial covenants, and 0.35% per annum unused fee.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MACERICH CO amended revolving credit of $650 million with Deutsche Bank AG New York Branch at Base Rate or Adjusted Term SOFR plus applicable margin ranging from 1.00% to 2.5 maturing February 1, 2027.

Instrument: revolving credit
Principal: $650 million
Counterparty: Deutsche Bank AG New York Branch
Rate: Base Rate or Adjusted Term SOFR plus applicable margin ranging from 1.00% to 2.5
Maturity: February 1, 2027
Event: amendment

Exact text from the filing

The Credit Agreement provides for an aggregate $650 million revolving loan facility that matures on February 1, 2027

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Source: SEC EDGAR

accession 0001193125-23-236004

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