Retail REIT Macerich rises after increased $675 mln exchangeable notes sale
BUZZ-Retail REIT Macerich rises after increased $675 mln exchangeable notes sale ** Mall operator Macerich's MAC.N shares up 1.9% at $23.94 on Fri after above-plan raise
** Santa Monica, California-based REIT early Fri announced pricing private offering of $675 mln 2.25% exchangeable notes due Aug 15, 2031
** Initial exchangeable price of $28.19 is 20% premium to stock's last sale of $23.49 on Thurs
** MAC shares fell ~7.5% on Thurs after co unveiled $600 mln offering to refinance debt and for general purposes
** Co to use approx $39.2 mln of net proceeds to pay for capped call transactions
** Late Tues, co posted Q2 adj FFO/sh of 35 cents, up from 34 cents a yr-ago, saying it expects strong retailer demand due to limited supply of regional malls
** MAC shares now up 30% YTD
** Avg rating of 16 analysts is "buy"; median PT $27, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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Retail REIT Macerich rises after increased $675 mln exchangeable notes sale
Brief: Macerich Announces Pricing Of Upsized Offering Of $675 Million Exchangeable Senior Notes Due 2031