EDISON, NJ-Mack-Cali Realty Corp.'s operating partnership, Mack-Cali Realty LP, has extended and modified its unsecured revolving credit facility with a group of lenders that involves a total of 23 banks. The $600-million unsecured facility, which is expandable to $800 million, was extended for another two years and now has a maturity date of June 2011.
As far as the modifications, the interest rate was reduced by 10 basis points to Libor plus 55 basis points at the BBB/Baa2 pricing level. That interest rate is subject to adjustment on a sliding scale, based on the operating partnership's unsecured debt ratings.
"We are pleased to expand upon our relationships in the banking and financial community as we further enhance our financial flexibility," says Barry Lefkowitz, EVP and CFO of the locally based REIT.
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