Underwriters exercise option to buy an additional 1.8 million shares of regional mall developer Macerich

Cindy Allen

Cindy Allen

Oct 23, 2009 – Associated Press

LOS ANGELES , October 23, 2009 () – Regional mall developer Macerich Co. said Friday that the underwriters of its public offering of 12 million shares of common stock exercised their overallotment option to buy an additional 1.8 million shares of common stock.

That brings the total number of shares sold to 13.8 million at a price of $29 per share. The offering is expected to close on Tuesday.

Macerich plans to use the offering's net proceeds to repay part of the outstanding balance under its $1.5 billion revolving line of credit.

Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. acted as joint underwriters for the offering.

Macerich shares fell 12 cents to $30.94 in morning trading Friday.

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