CRANFORD, NJ-Mack-Cali Realty LP has extended and modified its unsecured revolving credit facility with a group of 23 lender banks. The $600-million unsecured facility, which is expandable to $800 million, was extended for an additional two years, now maturing in November 2009.

Also, the facility fee has been reduced by five basis points to 15 basis points at the BBB/Baa2 pricing level, according to Barry Lefkowitz, the company's EVP and CFO, who terms the transaction "another step in enhancing our financial flexibility. The interest rate, currently Libor plus 65 basis points, and the facility fee are subject to adjustment on a sliding scale based on the operating partnership's unsecured debt ratings.

The group of 23 banks is headed by JPMorgan Chase as administrative agent; Bank of America as syndication agent; the Bank of Nova Scotia, Wachovia and Wells Fargo as documentation agents; and SunTrust Bank as senior managing agent.