(Read more on the debt and equity markets.)
EDISON, NJ-Mack-Cali Realty LP, the operating partnership of locally based Mack-Cali Realty Corp., has increased its unsecured revolving credit facility by $175 million, according to company officials. With the increase, the REIT's credit facility now totals $775 million.
"This transaction enhances our financial flexibility," says Barry Lefkowitz, the company's EVP and CFO. "It also demonstrates the banking and financial community's continuing confidence in our company."
The credit facility, which was extended for two years earlier this year, matures in June 2011. It carries an interest rate of Libor plus 55 basis points at the BBB/Baa2 pricing level, according to Lefkowitz. The interest rate is subject to adjustment on a sliding scale based on the operating partnership's unsecured debt ratings.
A lending group of 23 banks is involved in the credit facility. Among them are JPMorgan Chase as administrative agent; Bank of America NA as syndication agent; Scotiabanc, Wachovia and Wells Fargo as documentation agent; SunTrust as senior managing agent; and Citicorp, PNC Bank and US Bank NA as managing agents.
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