Macerich secures $900M revolving credit facility

The Macerich Company entered into a Second Amended and Restated Credit Agreement providing a $900 million secured revolving loan facility maturing on March 1, 2029, with an option to extend to March 1, 2030.

Rhea-AI Filing Summary

The Macerich Company entered into a Second Amended and Restated Credit Agreement providing a $900 million secured revolving loan facility maturing on March 1, 2029, with an option to extend to March 1, 2030. The facility can be increased to $1.1 billion subject to additional lender commitments and conditions.

Borrowings bear interest at either a Base Rate or Term SOFR plus a margin currently ranging from 0.80% to 2.20%, with the margin tied initially to debt yield and later to net debt to EBITDA upon meeting performance thresholds. As of signing, the applicable margin was 0.90% for Base Rate loans and 1.90% for Term SOFR loans.

The agreement is secured by mortgages on certain wholly owned assets and equity pledges and is unconditionally guaranteed by Macerich and certain subsidiaries. It includes a borrowing base maintenance covenant, minimum debt yield and fixed charge coverage tests, a cap on floating rate debt, and customary covenants and events of default. The borrower also pays a monthly facility fee on unused commitments.

Insights

Real estate credit & capital structure analyst

$900M secured revolver extends Macerich’s liquidity through 2029-2030.

The new $900 million revolving facility gives Macerich committed capital through at least March 1, 2029, with an option to extend one year. The option to upsize to $1.1 billion provides additional flexibility if lenders agree and conditions are met.

Pricing is based on either Base Rate or Term SOFR plus a margin that currently ranges from 0.80% to 2.20%, with specific levels tied to debt yield and, upon reaching stated thresholds, to net debt to EBITDA. This structure directly links borrowing costs to leverage and performance.

The facility is secured by mortgages and equity pledges and governed by a borrowing base maintenance covenant, minimum total debt yield, minimum fixed charge coverage, and a cap on floating rate debt. Future disclosures in company reports may show how covenant headroom and the optional release of collateral evolve as the Total Leverage Ratio changes.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What new credit facility did MAC’s Macerich Company secure?

The Macerich Company secured a new revolving credit facility of $900 million. It is documented in a Second Amended and Restated Credit Agreement and is backed by mortgages on certain wholly owned assets and equity pledges from the company and subsidiaries.

When does Macerich’s new $900 million revolving credit facility mature?

The revolving credit facility for The Macerich Company (MAC) matures on March 1, 2029. The borrower also has an option to extend the maturity date to March 1, 2030, subject to the conditions outlined in the amended and restated agreement.

Can Macerich increase the size of its new revolving credit facility?

Macerich may increase the revolving loan facility from $900 million up to an aggregate of $1.1 billion. Any increase requires additional lender commitments and satisfaction of conditions specified in the Second Amended and Restated Credit Agreement.

How are interest rates determined under Macerich’s new credit agreement?

Loans under the facility accrue interest at either a Base Rate or Term SOFR plus a margin. Initially, the margin ranges from 0.80% to 2.20%, tied to debt yield, and can shift to a 0.35%–1.65% range based on net debt to EBITDA.

What were the initial interest margins on Macerich’s new revolving loans?

At signing, the applicable margin was 0.90% per year for Base Rate loans and 1.90% per year for Term SOFR loans. These margins apply on top of the chosen benchmark rate, as long as Macerich meets the relevant performance thresholds.

What key covenants are included in Macerich’s new credit agreement?

The agreement requires a borrowing base value at least equal to outstanding loans. It also includes minimum total debt yield, minimum fixed charge coverage ratio, and maximum floating rate debt covenants, along with customary affirmative and negative covenants and events of default.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/26/2026 - 05:30 PM Learn about SEC filing dates

MACERICH CO false 0000912242 0000912242 2026-02-24 2026-02-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2026

THE MACERICH COMPANY

(Exact name of registrant as specified in its charter)

Maryland		1-12504		95-4448705
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code (310) 394-6000

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common stock of The Macerich Company, $0.01 par value per share		MAC		The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.

On February 24, 2026, The Macerich Company, a Maryland corporation (the “Company”), as a guarantor, The Macerich Partnership, L.P., a Delaware limited partnership and the operating partnership of the Company (the “Borrower” or “Partnership”), as the borrower, certain subsidiary guarantors, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, BMO Capital Markets Corp., TD Securities (USA) LLC, and Morgan Stanley Senior Funding, Inc. as joint lead arrangers and joint bookrunning managers, Deutsche Bank Securities Inc. and JPMorgan Chase Bank, N.A., as co-syndication agents, Goldman Sachs Bank USA, BMO Bank N.A., TD Securities (USA) LLC and Morgan Stanley Senior Funding, Inc., as co-documentation agents, and various lenders party thereto entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) which amends and restates that certain Credit Agreement dated as of September 11, 2023 among the Company, the Borrower, certain subsidiary guarantors, Deutsche Bank AG New York Branch, as administrative agent and collateral agent and the lenders party thereto.

The Credit Agreement provides for an aggregate $900 million revolving loan facility that matures on March 1, 2029, with an option for the Borrower to extend maturity until March 1, 2030. The Borrower has the ability from time to time to increase the size of the revolving loan facility up to an aggregate amount of $1.1 billion, subject to the receipt of lender commitments and other conditions. Loans made under the Credit Agreement bear interest, at the Borrower’s election, at either the Base Rate (as defined in the Credit Agreement) or Term SOFR (as defined in the Credit Agreement) plus, in both cases, an applicable margin. The current applicable margin depends on the Company’s overall debt yield and ranges from 0.80% to 2.20% over the selected index rate. Upon the achievement of certain performance thresholds, the applicable margin will depend on the Company’s overall net debt to EBITDA ratio and will be in a range of 0.35% to 1.65% over the selected index rate. As of the date of the Credit Agreement, the applicable margin for Base Rate loans was 0.90% per annum and the applicable margin for Term SOFR loans was 1.90% per annum.

The Borrower may voluntarily repay outstanding amounts under the revolving loan facility, in whole or in part, at any time, subject to customary administrative provisions.

The Credit Agreement includes security in the form of mortgages on certain wholly-owned assets and pledges of the Company’s and certain subsidiaries’ equity interests in certain entities. The Credit Agreement requires the Company to maintain at all times a borrowing base value, based on certain parameters, equal to or greater than the amount of outstanding borrowings on the revolving loan facility (the “Borrowing Base Maintenance Covenant”). Additionally, the Credit Agreement permits the Company to sell or finance portions of the security subject to continued compliance at all times with the Borrowing Base Maintenance Covenant and certain other parameters. All obligations under the Credit Agreement are unconditionally guaranteed by the Company and certain subsidiary guarantors. Upon achieving a certain net debt to EBITDA ratio (referred to in the Credit Agreement as the “Total Leverage Ratio”), and certain other customary conditions, the Borrower has the ability to cause the release of all mortgages securing the obligations under the Credit Agreement.

The Credit Agreement includes financial covenants requiring a minimum total debt yield, minimum fixed charge coverage ratio and maximum floating rate debt. In addition, the Credit Agreement also contains other customary affirmative and negative covenants and events of default.

The Borrower pays a facility fee at a per annum rate on the unused revolving loan facility commitments, payable monthly, and other customary fees, as described in the Credit Agreement.

The foregoing summary of the Credit Agreement, the guaranty and the transactions contemplated thereby do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Credit Agreement and the guaranty, copies of which are attached as Exhibits 10.1 and 10.2, respectively, and incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

EXHIBIT NUMBER		DESCRIPTION
10.1		Second Amended and Restated Credit Agreement, dated as of February 24, 2026, by and among the Company, as a guarantor, the Partnership, as borrower, certain subsidiary guarantors, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, BMO Capital Markets Corp., TD Securities (USA) LLC, and Morgan Stanley Senior Funding, Inc., as joint lead arrangers and joint bookrunning managers, Deutsche Bank Securities Inc. and JPMorgan Chase Bank, N.A., as co-syndication agents, Goldman Sachs Bank USA, BMO Bank N.A. and TD Securities Inc., as co-documentation agents, and various lenders party thereto.
10.2		Second Amended and Restated Unconditional Guaranty, dated as of February 24, 2026, by the Company in favor of Deutsche Bank AG New York Branch, as administrative agent.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						THE MACERICH COMPANY
						By: Daniel E. Swanstrom II
February 26, 2026						/s/ Daniel E. Swanstrom II
Date						Senior Executive Vice President, Chief Financial Officer and Treasurer

Filing Exhibits & Attachments

5 documents

Agreements & Contracts

• EX-10.1 EX-10.1 1.0 MB
• EX-10.2 EX-10.2 56.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 17.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.0 KB