Cali Realty announces interest exchange agreement covering $26 million of floating rate financing.CRANFORD, N.J.--(BUSINESS WIRE)--February 8, 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 entered into an interest exchange agreement covering $26 million of floating rate financing 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. facility. The interest exchange agreement allowed the Company to fix its interest cost on $26 million at 6.765% per annum through February 1999. The Company did not incur any fees or charges in connection with the transaction. Prior to entering into this arrangement, the interest cost to the Company on the floating rate financing was 150 basis points over 30 day LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). . Commenting on the transaction, Thomas A. Rizk, the Company's President and Chief Executive Officer said "By taking the opportunity to reduce our sensitivity to market interest rate fluctuations, we further add to the predictability of our Company's performance." About the Company 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 properties. Cali Realty owns 40 office and office/flex buildings totaling approximately 3.9 million square feet and a 327 unit residential complex. All of the properties are located in New Jersey except for one, which is located in Rockland County, New York Rockland County is a county located in the U.S. state of New York, 12 miles north-northwest of New York City. As of the 2000 census, the population was 286,753. The county seat is New City. The name comes from "rocky land," an early description of the area given by settlers. . CONTACT: Cali Realty Corporation (NYSE:CLI) Barry Lefkowitz Chief Financial Officer (908) 272-8000 |
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