Macerich Announces Closing $1.3 Billion in Financings
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For best results when printing this announcement, please click on the link below: http://pdf.reuters.com/pdfnews/pdfnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130110:nPnLA40727 SANTA MONICA, Calif., Jan. 10, 2013 /PRNewswire/ -- The Macerich Company (NYSE Symbol: MAC) today announced the recent closing of five loans with the Company's pro rata share totaling over $1.3 billion. The average interest rate on these loans was 3.33% and the average maturity was 8.2 years. With the completion of these financings, the Company has extended its loan maturity average life to 5.5 years, up from 3.2 years at January 1, 2012. Prior Loan New Loan Property MAC Ownership loan closing date Balance @ Pro-Rata Interest Rate Balance @ 100% Balance @ Pro-Rata Interest Rate Term in Maturity Date years Kings Plaza 100.00% 11/28/2012 - - 500,000 500,000 3.44% 7 12/03/19 Deptford Mall 100.00% 12/5/2012 172,500 5.41% 205,000 205,000 3.73% 10.3 04/03/23 Queens Center 51.00% 12/24/2012 161,905 7.30% 600,000 306,000 3.49% 12 01/01/25 Santa Monica Place 100.00% 12/28/2012 - - 240,000 240,000 2.94% 5 01/03/18 Kierland Commons (1) 50.00% 1/2/2013 35,072 5.67% 135,000 67,500 2.25% 5 01/02/18 Total 369,477 1,680,000 1,318,500 3.33% 8.21 (1) This is loan is floating at LIBOR + 1.90% and maturity date includes extension options. Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich now owns approximately 64 million square feet of gross leaseable area consisting primarily of interests in 60 regional shopping centers. Additional information about Macerich can be obtained from the Company's website at www.macerich.com. SOURCE The Macerich Company Arthur Coppola, Chairman and Chief Executive Officer, or Thomas O'Hern, Senior Executive Vice President, Chief Financial Officer and Treasurer, +1-310-394-6000
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