Jones Lang LaSalle

Mack-Cali Issues $200M of Senior Unsecured Notes
By Eric Peterson
Last updated: January 20, 2006 11:17am

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CRANFORD, NJ-Mack-Cali Realty LP, the operating partnership of Mack-Cali Realty Corp., sold $200 million of senior unsecured notes, according to Mitchell E. Hersh, president and CEO of the REIT. JPMorgan was the underwriter on the issuance.

“This issuance demonstrates the financial community’s continued confidence in Mack-Cali and its financing strategy,” Hersh says. He adds that the proceeds, estimated at $199.9 million, will be applied to repay outstanding borrowings under the company’s $600 million unsecured revolving credit facility.

The issuance consisted of $100 million of six-year notes and $100 million of 10-year notes. The six-year notes bear interest at 5.25%, are due Jan. 15, 2012 and were priced to yield 5.48%.

The 10-year notes are a reopening of Mack-Cali Realty LP’s previously issued $100 million, 5.8% notes due Jan. 15, 2016, which were reopened at 101.081 to yield 5.65% plus accrued interest. Following the reopening, the outstanding size of the 5.8% notes will be $200 million, and the sale of both series is slated to settle on Jan. 24.