Macerich Prices 14 Million Share Offering at $23.90, Raising $334.6M
MAC sits 56% above its 52-week low of $15.48.
Summary
Macerich priced its public offering of 14 million common shares at $23.90 each, raising approximately $334.6 million. This follows the 424B5 filing yesterday that announced the offering. The capital raise will result in roughly 4.7% dilution and marks the second significant equity offering in just over a month, indicating a continued need for external financing for general corporate purposes and debt repayment.
At the time of this announcement, MAC was trading at $24.09 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $7.1B. The 52-week trading range was $15.48 to $25.72. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Reuters.