Macerich Co. (NYSE: MAC) reported Thursday that it has priced a public offering of 30 million shares of its common stock at $41 per share, according to Associated Press.
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The mall operator said that it expects to use the net proceeds to pay back debt and for general corporate purposes.
Macerich gave the underwriters a 30-day option to buy up to an additional 4.5 million shares to cover any overallotments.
Deutsche Bank Securities Inc. (NYSE: DB), J.P. Morgan Securities Inc. (NYSE: JPM) and Wells Fargo Securities LLC (NYSE: WFC) acted as joint book-running managers and underwriters.
The offering is expected to close on Tuesday.
Shares fell $2.84, or 6.5 percent, to $40.89 at Thursday’s close.
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