Mack-Cali Realty Corp. (CLI) announced that its operating partnership, Mack-Cali Realty, L.P., has agreed to sell $300 million of 4.500% senior unsecured notes due 2022 in an underwritten public offering through BofA Merrill Lynch, Citigroup and J.P. Morgan as joint book-running managers.
The notes were priced at 99.801% of the principal amount to yield 4.525% to maturity. The offering is expected to close on April 19, 2012.
The company stated that the proceeds from the offering after deducting underwriting discounts and offering expenses were approximately $296.8 million. The net proceeds from the offering will be used to repay outstanding borrowings under the Operating Partnership's unsecured revolving credit facility and for general corporate purposes, which may include the purchasing or retiring of some of the Operating Partnership's outstanding debt securities.
by RTT Staff Writer
For comments and feedback: email@example.com