Cali Realty Corporation Announces 10 Million Share Equity Offering
09/19/1997 Category: Offerings
CRANFORD, NJ--September 19, 1997--Cali Realty Corporation (NYSE:CLI) today announced that it has begun a public equity offering of 10 million common shares.
The Company intends to use the net proceeds from the offering to reduce certain outstanding borrowings under its revolving credit facilities, to fund a portion of the purchase price of its transaction with The Mack Company and Patriot American Office Group, and for general corporate purposes.
The underwriting team, led by Prudential Securities Incorporated, includes Bear, Stearns & Co. Inc., Donaldson, Lufkin & Jenrette Securities Corporation, Morgan Stanley Dean Witter, PaineWebber Incorporated, Smith Barney Inc., UBS Securities, and Wheat First Butcher Singer.
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 132 properties, primarily office and office/flex buildings, totaling approximately 12.2 million square feet. All of the properties are located in New Jersey, New York, Pennsylvania and Connecticut.
Preliminary prospectuses will be available at the Prudential Securities Incorporated Prospectus Department, located on 111 8th Avenue, New York, New York 10011 (212.776.8190).