Macerich Closes Amended and Restated $900 Million Revolving Credit Facility

Rhea-AI Summary

Macerich (NYSE: MAC) closed an amended and restated $900 million revolving credit facility on Feb. 26, 2026, increasing capacity from $650 million and extending maturity to March 2030 (includes a 12-month extension option).

The facility lowers pricing to 180–220 bps over SOFR (current expected borrowing rate: 190 bps), with potential reduction to 135–165 bps upon achievement of performance thresholds; the facility was undrawn at closing and expands the lending group while reducing unused-commitment fees.

Positive

• Facility size increased from $650M to $900M (+38%)
• Maturity extended from Jan 2027 to March 2030 (plus 12-month option)
• Pricing reduced to 180–220 bps over SOFR; expected borrowing rate 190 bps
• Further spread reduction to 135–165 bps tied to performance thresholds

Negative

• Borrowing cost remains linked to SOFR, exposing interest expense to rate moves
• Facility undrawn at closing means liquidity improvement is committed but not yet deployed

Key Figures

Revolving facility size: $900 million Prior facility size: $650 million Maturity extension: Jan 2027 to Mar 2030 +4 more

7 metrics

Revolving facility size $900 million Amended and restated revolving credit facility

Prior facility size $650 million Previous revolving credit facility capacity

Maturity extension Jan 2027 to Mar 2030 Revolving credit facility maturity (with 12‑month extension option)

Pricing grid change 200–250 bps to 180–220 bps over SOFR Current pricing range reduction

Future spread range 135–165 bps over SOFR Potential spread upon performance thresholds

Extension option 12-month Optional extension included in maturity to March 2030

Expected borrowing spread 190 bps over SOFR Expected current borrowing rate at closing

Market Reality Check

Price: $20.60 Vol: Volume 1,987,751 is below...

normal vol

$20.60 Last Close

Volume Volume 1,987,751 is below 20-day average of 2,497,056 (relative volume 0.8x). normal

Technical Trading at $20.60, modestly below 52-week high of $20.845 and above 200-day MA of $17.45.

Peers on Argus

MAC gained 2.13% while retail REIT peers were mixed: PECO +1.14%, KRG -0.46%, EP...

MAC gained 2.13% while retail REIT peers were mixed: PECO +1.14%, KRG -0.46%, EPRT +0.60%, SKT +4.21%, UE +1.65%, suggesting a company-specific response to the new credit facility.

Historical Context

5 past events · Latest: Feb 18 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 18	Earnings release	Positive	+3.2%	Fourth quarter 2025 earnings results and conference call details.
Feb 12	Dividend declaration	Positive	+4.0%	Quarterly cash dividend of $0.17 per common share declared.
Feb 10	Earnings call schedule	Neutral	+1.7%	Announcement of timing for Q4 2025 earnings release and call.
Jan 15	Dividend tax details	Neutral	+2.3%	Tax characterization of 2025 dividends totaling $0.68 per share.
Dec 16	Tenant expansion	Positive	-1.6%	Von Maur to open ~164,000 sq ft anchor store at Freehold Raceway Mall.

Pattern Detected

Recent corporate and capital-related announcements (earnings, dividends, tax treatment) have generally coincided with positive share moves, while some operational mall-tenant news has seen weaker or negative reactions.

Recent Company History

Over recent months, Macerich has reported several developments, including Q4 2025 earnings, regular quarterly dividends of $0.17 per share, and disclosure of 2025 dividend tax treatment totaling $0.68 per share. These events were followed by positive price reactions between roughly +1.7% and +4.0%. An announcement about Von Maur opening a large ~164,000 sq ft store in New Jersey in Fall 2027 drew a modest negative reaction, signaling that investor focus has leaned more toward financial and capital-structure updates than longer-dated tenant news.

Market Pulse Summary

This announcement highlights Macerich’s refinancing progress, increasing its revolving credit facili...

Analysis

This announcement highlights Macerich’s refinancing progress, increasing its revolving credit facility from $650 million to $900 million, extending maturity to March 2030 with a 12‑month extension option, and lowering spreads to 180–220 bps over SOFR, with potential reduction to 135–165 bps. Investors may consider this in the context of its “Path Forward Plan,” recent earnings, and ongoing efforts to manage debt and liquidity while repositioning its retail portfolio.

Key Terms

revolving credit facility, sofr, basis points

3 terms

revolving credit facility financial

"it has closed an amended and restated $900 million revolving credit facility."

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

sofr financial

"basis points over SOFR to 180 to 220 basis points over SOFR."

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

basis points financial

"a spread range of 200 to 250 basis points over SOFR to 180 to 220 basis points"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

AI-generated analysis. Not financial advice.

SANTA MONICA, Calif., Feb. 26, 2026 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”), a leading owner, operator, and developer of major retail properties in top markets, today announced that it has closed an amended and restated $900 million revolving credit facility.

“We are pleased to close on this new facility, which enhances our liquidity, provides additional flexibility, extends the maturity term, lowers pricing, reduces unused commitment fees, and expands our lending group,” commented Dan Swanstrom, Senior Executive Vice President and Chief Financial Officer. “We appreciate our bank group’s strong support of Macerich and its Path Forward Plan.”

Macerich increased the size of the facility from $650 million to $900 million, extended the maturity from January 2027 to March 2030 (inclusive of a 12-month extension option), and lowered the current pricing grid from a spread range of 200 to 250 basis points over SOFR to 180 to 220 basis points over SOFR. Upon the achievement of certain performance thresholds, the spreads will be further reduced to a range of 135 to 165 basis points over SOFR. The revolving credit facility was undrawn at closing with an expected current borrowing rate of 190 basis points over SOFR.

About Macerich

Macerich (NYSE: MAC) is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 39 million square feet of real estate, consisting primarily of interests in 38 retail centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. For more information, please visit www.Macerich.com.
 
Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at investing.macerich.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at investing.macerich.com.

Forward-Looking Information

This release contains statements that constitute forward-looking statements, forward-looking statements, which can be identified by the use of words, such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including the Path Forward Plan and its ability to meet the established goals under such Plan, as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional and local economic and business conditions, including the impact of tariffs and elevated interest rates and inflation, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated interest rates and its impact on the financial condition and results of operations of the Company, including as a result of any increased borrowing costs on the Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost of financing, and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment (including elevated inflation, supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments; government shutdowns and other governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence, which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.

INVESTOR CONTACT: Investor Relations, IR@macerich.com

FAQ

What key terms did Macerich (MAC) announce for the $900 million credit facility on Feb. 26, 2026?

The facility is $900 million, up from $650 million, and matures in March 2030 (with a 12-month extension option). According to the company, pricing is now 180–220 bps over SOFR with an expected borrowing rate of 190 bps.

How does the new MAC revolving credit facility affect Macerich's liquidity and flexibility?

The amended facility enhances liquidity and provides more flexibility through increased size and extended maturity. According to the company, it also expands the lending group and lowers unused-commitment fees to improve financial flexibility.

What interest-rate pricing changes did Macerich (MAC) secure in the Feb. 26, 2026 amendment?

Macerich lowered the spread to 180–220 basis points over SOFR with an expected current rate of 190 bps. According to the company, spreads can fall further to 135–165 bps if performance thresholds are met.

Is the $900 million Macerich (MAC) credit facility available immediately for borrowing?

The facility was undrawn at closing, so capacity exists but no debt was outstanding at signing. According to the company, the undrawn status preserves optionality while the facility stands ready for future needs.

How long did Macerich (MAC) extend its revolving credit maturity in the Feb. 26, 2026 amendment?

Maturity was extended from January 2027 to March 2030, including a 12-month extension option. According to the company, the longer term reduces near-term refinancing risk for the organization.

What conditions will further reduce borrowing spreads on Macerich's (MAC) new credit facility?

Spreads will decrease to 135–165 bps over SOFR upon achievement of specified performance thresholds. According to the company, these reductions are contingent on meeting the agreed operational or financial targets.