Macerich raises $675 million in senior notes at 2.25%

The Macerich Company finalized a $675 million private offering of exchangeable senior notes due in 2031 on Friday, exceeding its initial target of $600 million.

The notes carry a 2.25% interest rate and can be converted into Macerich common stock at an initial rate of 35.4761 shares per $1,000 of principal, equating to an exchange price of about $28.19 per share—roughly 20% above the company’s closing stock price of $23.49 on August 6. The offering includes a 13-day option for initial purchasers to buy an additional $100 million in notes.

Proceeds from the sale are expected to total around $659.1 million, with $39.2 million earmarked for capped call transactions to hedge against potential stock dilution. The rest will be used to refinance existing debt and fund general corporate operations. Settlement is slated for August 11, 2026. Macerich’s stock rose 1.43% to $23.83 in pre-market trading following the announcement.