SANTA MONICA, Calif. (AP) ¿ Regional mall developer Macerich Co. said Monday that it paid off $446 million in term notes due next year. The real estate investment trust said it used $275 million in proceeds from joint venture sales as well as operating cash obtained by lowering its dividend and paying 90 percent of the dividend in stock to help lower its debt. Macerich still has $30 million in debt maturing this year and $269 million set to mature in 2010. The company also closed on an $85 million, three-year loan for the Phoenix-based Paradise Valley Mall. The loan can be extended up to five years.
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