Mack-Cali Realty Corporation Obtains $30 Million Increase in Unsecured Credit Facility
07/21/1998 Category: Financial
CRANFORD, NJ--July 21, 1998--Mack-Cali Realty Corporation (NYSE:CLI) today announced that the borrowing capacity under its unsecured credit facility has been expanded by $30 million to $900 million. Combined with the Company's existing $100 million credit facility with Prudential Realty Funding Corporation, Mack-Cali's revolving credit lines now total $1 billion.
The Company's unsecured credit facility with Chase Manhattan Bank, as administrative agent, Fleet National Bank, as syndication agent, and PNC Bank, NA, as documentation agent, has been expanded to include two additional lender banks, Bank LeumiUSA and Bank One, Arizona, NA, bringing the total number of participants to 27 major institutions. All other terms of the agreement remain unchanged.
The facility has a three-year term with a one-year extension option and carries an interest rate equal to LIBOR plus 110 basis points. Based upon the Company's achievement of an investment grade long-term unsecured debt rating, the interest rate on the new facility will be reduced, on a sliding scale, and a competitive bid option will become available.
Mack-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. With the completion of pending transactions, Mack-Cali will own or have interests in 250 properties, primarily office and office/flex buildings, totaling approximately 27.5 million square feet, serving over 2,300 tenants in 12 states and the District of Columbia.
Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office, office/flex and industrial/warehouse properties; interest rate levels; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, and annual reports on Form 10-K.