Macerich Prices 12 Million Common Shares

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October 23, 2009 (FinancialWire) -- The Macerich Co. (NYSE: MAC) said it has priced a public offering of 12 million newly issued shares of its common stock at $29.00 per share. Deutsche Bank Securities (NYSE: DB) and J.P. Morgan Securities (NYSE: JPM) acted as joint bookrunning managers.

In connection with the offering, the company also has granted the underwriters a 30-day option to purchase up to an additional 1.8 million shares to cover over-allotments. The closing is scheduled to occur on October 27.

Macerich plans to use the net proceeds to repay a portion of the outstanding balance under its $1.5 billion revolving line of credit.

and underwriters for the offering.

Santa Monica, California-based Macerich is a real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

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