Mack-Cali Realty refinances its unsecured credit facility.

Mack-Cali Realty Corporation announced that its operating partnership, Mack-Call Realty, L.E. has refinanced its unsecured revolving credit facility with a group of 27 lender banks, arranged by J. P. Morgan Securities Inc. and Bank of America Securities LLC.

The $600 million unsecured facility, which is expandable to $800 million, carries an interest rate equal to LIBOR plus 65 basis points, representing 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.

The interest rate and facility fee are subject to adjustment, on a sliding scale, based upon the operating partnership's unsecured debt ratings.

"This transaction provides us with increased financial flexibility, and demonstrates the financial community's continued confidence in Mack-Cali," said Barry Lefkowitz, executive vice president and chief financial officer of the company.

The lending group for the credit facility consists of: JPMorgan Chase Bank, N.A. as administrative agent; Bank of America, N.A. as syndication agent; The Bank of Nova Scotia, New York Agency, as documentation agent; Wachovia Bank, National Association, as documentation agent; Wells Fargo Bank, National Association, as documentation agent; SunTrust Bank, as senior managing agent; PNC Bank, National Association, as managing agent; Citicorp North America, Inc. as managing agent; US Bank National Association as managing agent; Allied Irish Bank; Amsouth Bank; Bank of China, New York Branch; The Bank of New York; Chevy Chase Bank, F.S.B.; Deutsche Bank Trust Company Americas; Mizuho Corporate Bank, Ltd.; UFJ Bank Limited, New York Branch; Bank of Ireland; Comerica Bank; Chang HWA Commercial Bank, Ltd., New York Branch; First Commercial Bank, New York Agency; First Horizon Bank, A Division of First Tennessee Bank, N.A.; Bank of Taiwan; Chiao Tung Bank, Ltd.; Citizens Bank; Hua Nan Commercial Bank, New York Agency; and Taipei Bank, New York Agency.