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January 22, 1998

Santa Monica-based Macerich Co. said it has sold $100 million of convertible preferred stock to an affiliate of real estate investor William Sanders' Security Capital Group. Macerich will use the proceeds to help finance its half of the $974.5-million purchase of a group of 12 shopping malls it agreed to buy last month in a joint venture with Simon DeBartolo Group Inc. The shares, sold to Security Capital Preferred Growth Inc., are convertible into common stock on a 1-for-1 basis. . . . Santa Clara-based Exodus Communications Inc., a manager of Internet operations for business clients, filed to sell an unspecified minority stake in an initial public offering valued at about $46 million. . . . San Diego-based Esquire Communications, a provider of legal support services, said it acquired Beverly Hills-based Kerns & Gradillas.

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