Mack-Cali Buys $100M of Notes

EDISON, NJ-Mack-Cali Realty Corp. has closed its $300-million cash tender offer announced earlier this month, and has accepted for purchase the $100.3-million principal amount of its 7.25% senior unsecured notes, due March 15, 2009. The tender offer was rolled out by the company’s Mack-Cali Realty LP, and the notes accepted for present amount to approximately 33.4% of the outstanding notes.

“The consideration to be paid for each $1,000-principal amount of notes accepted for payment will be $1,000 for notes validly tendered and not withdrawn at or prior to the expiration time,” reads a statement issued by the company. “In addition, each tendering holder…will be paid accrued and unpaid interest…from the last interest payment date up to but not including the payment date. The aggregate consideration…including accrued and unpaid interest is expected to be approximately $101.5 million.”