Cali Realty Corporation Completes $406 Million Equity Offering
Company Prices 15,250,000 Shares At $26 5/8
CRANFORD, NJ--November 19, 1996--Cali Realty Corporation (NYSE:CLI) today announced the completion of a public offering of 15,250,000 shares of common stock, priced at $26 5/8 per share. The offering will result in aggregate net proceeds to the company of approximately $383 million.
Approximately $144 million of the net proceeds from the offering will be utilized to repay debt drawn under the Company's credit facilities in connection with recent acquisitions, including Harborside Financial Center which closed on November 4, 1996. The balance of the proceeds will be used for pending property acquisitions and for general corporate purposes.
The underwriting team, led by Prudential Securities Incorporated, included Dean Witter Reynolds Inc., Donaldson, Lufkin & Jenrette Securities Corporation, Morgan Stanley & Co. Incorporated, and Smith Barney Inc.
Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. The Company owns 50 properties, primarily Class A office and office/flex buildings, totaling approximately 6.5 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania.