Cali Realty Corporation Announces $75 Million Credit Facility Agreement With Natwest Markets.
02/08/1996 Category: Financial
CRANFORD, NJ--February 8, 1996--Cali Realty Corporation (NYSE:CLI) today announced that it has entered into a $75 million Credit Facility Agreement with NatWest Markets, as agent and NatWest Bank, N.A., as co-agent. The $75 million credit facility, which is secured and cross-collaterized by 26 office and office/flex properties, bears an annual interest rate of LIBOR plus 150 basis points and matures in February 1999.
The proceeds from the credit facility will be used for the financing of certain activities related to the acquisition and development of properties, the repayment of indebtedness under existing credit facilities and for general corporate purposes.
Commenting on the credit facility, Thomas A. Rizk, the Company's President and Chief Executive Officer, said "The $75 million credit facility provides our Company with an additional source of capital and allows us to continue implementing our acquisition growth strategy."
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 properties. Cali Realty owns 40 office and office/flex buildings totaling approximately 3.9 million square feet and a 327 unit residential complex. All of the properties are located in New Jersey except for one, which is located in Rockland County, New York.