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CRANFORD, NJ-Mack-Cali Realty LP, the operating partnership of Mack-Cali Realty Corp., based here, has refinanced its unsecured revolving credit facility with 27 lender banks in a transaction arranged by JP Morgan Securities Inc. and Bank of America Securities LLC. The $600 million unsecured facility is expandable to $800 million, according to Barry Lefkowitz, the REIT’s executive vice president and CFO. “This transaction provides us with increased financial flexibility,” he says.

The unsecured facility carries an interest rate equal to LIBOR plus 65 basis points, which is a reduction of five basis points from the previous facility. The credit facility, which also carries a facility fee of 20 basis points, has a three-year term with a one-year extension option. Both the interest rate and facility fee are subject to adjustment on a sliding scale based on the operating partnership’s unsecured debt ratings.

Besides JP Morgan Chase as administrative agent and Bank of America as syndication agent, the lending group includes the Bank of Nova Scotia, Wachovia, Wells Fargo Bank, SunTrust Bank, PNC Bank, Citicorp North America, US Bank, Allied Irish Bank and Amsouth Bank.

Also in the group are the Bank of China, Bank of New York, Chevy Chase Bank, Deutsche Bank Trust, Mizuho Corporate Bank, UFJ Bank Ltd., the Bank of Ireland, Comerica, Chang HWA Commercial, First Commercial, the First Horizon division of First Tennessee Bank, Bank of Taiwan, Chiao Tung Bank, Citizens Bank, Hua Nan Commercial Bank and Taipei Bank.

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