The proceeds of the issuance, estimated to be approximately $98.5 million, will be applied to the repayment of the 7%, $300 million face amount unsecured notes at maturity on March 15, 2004.
"This issuance has afforded Mack-Cali the opportunity to take advantage of the favorable interest rate environment and further demonstrates the financial community's confidence in our company," notes Hersh. His company currently owns or has interests in 263 properties, mostly office and office/flex buildings in the Northeast, totaling about 28.3 million sf.
Citigroup, Banc of America Securities LLC and JPMorgan served as joint bookrunning managers on the issuance. The co-managers consisted of Banc One Capital Markets, Bear Stearns, Deutsche Bank Securities, PNC Capital Markets, Scotia Capital, SunTrust Robinson Humphrey, Wachovia Securities and Wells Fargo Institutional Brokerage and Sales.
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