Jones Lang LaSalle
Mack-Cali Issues $100M of Senior Unsecured Notes
By Eric Peterson
Last updated: November 17, 2005 10:44am

CRANFORD, NJ-Mack-Cali Realty LP, the operating partnership of Mack-Cali Realty Corp., based here, has sold $100 million of 10-year senior unsecured notes, according to officials of the REIT. The 5.8% notes are due Jan. 15, 2016, and company officials say they expect the transaction to settle on Nov. 30, 2005.
“This transaction represents the continuation of our financing strategy,” says Mitchell E. Hersh, Mack-Cali’s president and CEO. The proceeds from the issuance, estimated to be about $99 million, will be applied to the repayment of outstanding borrowings under the company’s unsecured credit facility, and for general working capital, according to Hersh.
Citigroup, Banc of America Securities LLC and JPMorgan were the joint bookrunning managers on the issuance. An offering of the securities will be made by prospectus.
Mack-Cali’s current portfolio encompasses ownership or interests in more than 270 properties, mostly office and office/flex buildings in the Northeast. Total square footage is in the 30.2-million range.