Retail REIT Macerich sags after announcing $600 mln notes offering
BUZZ-Retail REIT Macerich sags after announcing $600 mln notes offering ** Retail REIT Macerich's MAC.N shares down 2.4% to $24.77 on Thurs as it seeks another capital raise
** Santa Monica, California-based firm early Thurs announced private offering of $600 mln exchangeable notes due Aug 15, 2031
** Co intends to use some net proceeds to pay cost of capped call transactions to offset potential dilution, remainder to refinance debt and for general purposes
** MAC has roughly $7 bln market cap
** 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
** It recently tapped the equity markets with stock offerings in June and May
** Despite the decline, stock up ~34% 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