Short answer
MACERICH CO (MAC) filed an 8-K current report with the SEC on February 26, 2026 reporting Item 2.03 (Creation of a Direct Financial Obligation). Revolving credit facility upsized to $900M (expandable to $1.1B), maturing March 1, 2029 with one-year extension option to 2030.
MACERICH CO 8-K event analysis
AI summary of each reported item and its exhibits
Item 2.03 · Creation of a Direct Financial Obligation
- Revolving credit facility upsized to $900M (expandable to $1.1B), maturing March 1, 2029 with one-year extension option to 2030
- Current margin: 0.90% over Base Rate / 1.90% over Term SOFR; improves significantly (to 0.35%–1.65% range) upon hitting net debt/EBITDA targets
- Facility secured by mortgage liens on wholly-owned assets; lien release possible once leverage ratio threshold achieved: signals path to unsecured status
- Replaces September 2023 credit agreement; Deutsche Bank leads syndicate including JPMorgan, Goldman, BMO, TD, and Morgan Stanley
- Borrowing Base Maintenance Covenant requires collateral value ≥ outstanding borrowings at all times: key covenant to monitor for headroom
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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