04:26 AM EST, 11/26/2024 (MT Newswires) -- Macerich ( MAC ) said Tuesday it priced a public offering of 20 million common shares at $19.75 per share for expected gross proceeds of about $395 million.

The offering was upsized from 18 million shares.

The company granted the underwriters a 30-day option to purchase up to 3 million additional shares.

Proceeds from the offering, expected to close Wednesday, together with cash on hand, will be used to repay a mortgage loan and for investment in short-term, interest-bearing deposit accounts.