Macerich Renews Corporate Credit Facility
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SANTA MONICA, Calif., April 14, 2021 /PRNewswire/ Today, the Macerich Company (NYSE: MAC, the Company ) closed on the renewal of its corporate credit facility. The $700 million facility includes both a revolving line of credit totaling $525 million and a term loan totaling $175 million. The revolver has a two-year initial term plus a one-year extension option and the term loan has a three-year term. At closing, the floating interest rate will be LIBOR + 2.75%, and $495 million will be drawn on the facility. The revolver may be expanded up to $800.0 million at any time during the term, subject to certain conditions. The facility includes security in the form of mortgages on certain previously unencumbered wholly-owned assets and pledges of the Company s equity interests in certain other assets.
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Operator
Good day, and welcome to The Macerich Company fourth-quarter 2020 earnings conference call. Today s conference is being recorded. And at this time, I d like to turn the conference over to Jean Wood, vice president of investor relations. Please go ahead.
Jean Wood
Vice President, Investor Relations
Thank you for joining us on our fourth-quarter 2020 earnings call. During the course of this call, we will be making certain statements that may be deemed forward-looking within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, including statements regarding projections, plans, or future expectations. Actual results may differ materially due to a variety of risks and uncertainties set forth in today s press release and our SEC filings, including the adverse impact of the novel coronavirus, COVID-19, on the U.S., regional and global economies and the financial condition and results of operations of the company and its tenants. Reconciliat
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