Mack-Cali refinances credit facility.

Mack-Cali Realty Corporation announced that its operating partnership, Mack-Cali Realty, L.P., has refinanced its unsecured revolving credit facility with a group of 14 lender banks, arranged by J. P. Morgan Securities Inc. and Fleet Securities, Inc.

The $600 million unsecured facility, which is expandable to $800 million, carries an interest rate equal to LIBOR plus 70 basis points, representing, a reduction of 10 basis points from the previous facility.

The interest rate is subject to adjustment, on a sliding scale, based upon a change in the partnership's unsecured debt ratings. The credit facility, which also carries a facility fee of 20 basis points, has a three-year term with a on

The lending group for the credit line consists of: JPMorgan Chase Bank, as administrative agent; Fleet National Bank, as syndication agent; Commerzbank AG, as syndication agent; Bank of America, N.A., as documentation agent; Wells Fargo Bank, National Association, as documentation agent; Bank of Nova Scotia; Bank One, NA; Citicorp North America, Inc.; Wachovia Bank, National Association; PNC Bank, National Association; SunTrust Bank; Bayerische Landesbank Girozentrale; Deutsche Bank Trust Company Americas; and Chevy Chase Bank, FSB.