Cali Realty Corporation completes $406 million equity offering; Company prices 15,250,000 shares at $26 5/8.CRANFORD, N.J.--(BUSINESS WIRE)--November 19, 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 the completion of a public offering of 15,250,000 shares of common stock, priced at $26 5/8 per share. The offering will result in aggregate 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). to the company of approximately $383 million. Approximately $144 million of the net proceeds from the offering will be utilized to repay debt drawn under the Company's credit facilities in connection with recent acquisitions, including Harborside Financial Center which closed on November 4, 1996. The balance of the proceeds will be used for pending property acquisitions and for general corporate purposes. The underwriting team, led by Prudential Securities Incorporated, included 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 (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. The Company owns 50 properties, primarily Class A office and office/flex buildings, totaling approximately 6.5 million square feet. All of the properties are located in New Jersey, New York and Pennsylvania. CONTACT: Barry Lefkowitz, 908/272-8000 |
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