In the first move, Mack-Cali exchanged $25 million in existing 7.18% unsecured notes, due to mature at the end of this year, for $26.1 million in 5.82% unsecured notes that mature on March 15, 2013. The coupon on the new bonds was agreed to on February 5, 2003 at 182.5 basis points above the 10-year treasury on that date and were priced to yield 6.4%
Also, the company issued one million 8% cumulative perpetual preferred depository shares with a liquidation value of $25 per depository share for a total of $25 million. The shares are callable at par after five years.
Finally, Mack-Cali repurchased $25 million in existing 7.18% unsecured notes, scheduled to mature at the end of this calendar year, for $26.1 million.
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