Cali Realty Corporation announces 10,000,000 share equity offering.CRANFORD, N.J.--(BUSINESS WIRE)--Oct. 29, 1996--Cali Realty Corporation (NYSE NYSE See: New York Stock Exchange :CLI (1) (Call Level Interface) A database programming interface from the SQL Access Group (SAG), an SQL membership organization. SAG's CLI is an attempt to standardize the SQL language for database access. ) today announced that it will begin a public equity offering tomorrow, October 30, of 10 million shares of common stock. The Company intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering to reduce outstanding borrowings under its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facilities, including borrowings anticipated in connection with the purchase of Harborside Financial Center, and to acquire over 730,000 square feet of additional properties. The underwriting team, led by Prudential Securities Incorporated, includes Dean Witter Reynolds Dean Witter Reynolds was an American stock brokerage catering to the middle class. In 1997, it merged with the Morgan Stanley Group to form Morgan Stanley Dean Witter. The amalgamated firm is now known as Morgan Stanley. Inc., Donaldson, Lufkin & Jenrette Securities Corporation, Morgan Stanley & Co. Incorporated, and Smith Barney Inc. Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust owning 45 properties, primarily class A office and office/flex buildings, totaling 4.6 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania. Prospectuses will be available at Prudential Securities Incorporated Prospectus Department, located on 111 8th Avenue, New York, New York 10011 (212-776-8190). CONTACT: Barry Lefkowitz Chief Financial Officer (908) 272-8000 |
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