Mack-Cali Will Sell 5M Common Shares

EDISON, NJ-Mack-Cali Realty Corp. has announced that it will sell 4.65 million shares of common stock through an underwritten public offering. Officials of the REIT say they expect the offering to net upwards of $252 million, with the proceeds going “for repayment of debt and for general corporate purposes,” according to a statement.

According to company officials, Morgan Stanley & Co. is the sole book runner of the offering. Besides Morgan Stanley, Goldman Sachs & Co. is also underwriting the offering, which “is being made solely by means of a prospectus supplement and accompanying prospectus,” according to the statement.

“The shares of our common stock purchased by the underwriters are being offered for resale by the underwriters in an at-the-market offering in negotiated transactions or otherwise, at market prices prevailing on the New York Stock Exchange at the time of sale, at prices related to the prevailing market price or otherwise,” the statement continues.