Mack-Cali Realty Corp. (CLI) said Monday that its operating partnership, Mack-Cali Realty, L.P., has agreed to sell $275 million of 3.15% senior unsecured notes due 2023 in an underwritten public offering.
The notes were priced at 97.792% of the principal amount to yield 3.412% to maturity. The offering is expected to close on May 8.
The proceeds from the offering after deducting underwriting discounts and offering expenses will be about $266.5 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.
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