MAC - Macerich Closes Amended and Restated $650 Million Revolving Credit Facility | Benzinga
SANTA MONICA, Calif., Sept. 12, 2023 (GLOBE NEWSWIRE) -- Macerich (NYSE:MAC), one of the nation's leading owners, operators and developers of high-quality retail and mixed-use properties in top markets, today announced that it has closed an amended and restated $650 million revolving credit facility.
The new facility provides an increase of $125 million from the company's existing $525 million facility that was scheduled to mature on April 14, 2024. The new facility has a maturity date of Feb. 1, 2028, including a one-year extension option. The interest rate varies according to a pricing grid ranging from 2.10% to 2.60% plus SOFR, based on a company debt yield covenant. The closing interest rate is unchanged versus the existing credit facility at SOFR + 2.35%. Macerich currently has approximately $660 million of liquidity, including $498 million of availability on this newly expanded $650 million revolving credit facility.
"We are extremely pleased to secure this new credit facility, especially in today's turbulent banking market. This new facility provides an ...