Market Overview

Mack-Cali Prices $250M Public Offering of 5-Year Senior Notes

Mack-Cali Realty Corporation (NYSE: CLI) today announced that its operating partnership, Mack-Cali Realty, L.P. (the "Operating Partnership"), has agreed to sell $250 million of 2.500% senior unsecured notes due 2017 in an underwritten public offering through BofA Merrill Lynch, Citigroup and J.P. Morgan as joint book-running managers. BB&T Capital Markets, BNY Mellon Capital Markets, LLC, Capital One Southcoast, Comerica Securities, Deutsche Bank Securities, Mitsubishi UFJ Securities, PNC Capital Markets LLC, RBS, SunTrust Robinson Humphrey, TD Securities, US Bancorp and Wells Fargo Securities acted as co-managers. The notes were priced at 99.409% of the principal amount to yield 2.625% to maturity. The offering is expected to close on November 20, 2012.

The proceeds from the offering after deducting underwriting discounts and offering expenses will be approximately $246.3 million. The net proceeds from the offering will be used for general corporate purposes and working capital, which will include the repayment of substantially all outstanding borrowings under the Operating Partnership's unsecured revolving credit facility and may include purchasing or retiring of some of the Operating Partnership's outstanding debt securities.

Posted-In: News Financing

 

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