MACERICH CO — Form 8-K
Filed November 4, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 52/100
What the filing says
In August 2026, Macerich closed an upsized $775M offering of 2.25% exchangeable senior notes due 2031 at $28.19/share (20% premium), with capped call at $34.06/share. Net proceeds repaid $370M Green Acres Mall mortgage at 6.6% (January 2028 maturity). Separately, Pacific View sold for $69.7M with buyer assuming $69.7M loan. Post-quarter (October and November 2026), Fashion Outlets of Niagara Falls ($74.4M loan, 6.52% rate) and Fresno Fashion Fair ($325M loan, 3.67% rate) entered default; company negotiating with lenders. Pro forma net debt/EBITDA improved to 6.85x from 7.33x after adjusting for unsettled forward equity ($372M).
Why this rating
Refinancing positive; defaults on $399.4M debt (6.0% of $6.66B total debt) create material uncertainty and restructuring risk despite strong liquidity position of $2.2B.
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