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Mack-Cali extends its revolving credit.

Mack-Cali Realty Corporation's operating partnership, Mack-Cali Realty, L.P., has extended and modified its unsecured revolving credit facility with a group of 23 lender banks.

The $600 million unsecured facility, which is expandable to $800 million, was extended for an additional two years to mature in November 2009.

In addition, the facility fee was reduced by five basis points to 15 basis points at the BBB/Baa2 pricing level. The interest rate, currently LIBOR plus 65 basis points, and the facility fee are subject to adjustment, on a sliding scale, based upon the operating partnership's unsecured debt ratings.

"This transaction is yet another step in enhancing our financial flexibility and is a clear demonstration of the financial community's continued confidence in Mack-Cali," commented Barry Lefkowitz, chief financial officer.

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; Bank of Nova Scotia; Wachovia Bank, National Association; and Wells Fargo Bank as documentation agents; SunTrust Bank; US Bank National Association; Citicorp North America, Inc.; and PNC Bank National Association, as managing agents; and Bank of China, New York Branch; The Bank of New York; Chevy Chase Bank, ES.B.; The Royal Bank of Scotland, plc; Mizuho Corporate Bank, Ltd.; UFJ Bank Limited, New York Branch; The Governor and Company of the Bank of Ireland; Bank Hapoalim B.M.; Comerica Bank; Chang Hwa Commercial Bank, Ltd., New York Branch; First Commercial Bank, New York Agency; Chiao Tung Bank Co., Ltd., New York Agency; Deutsche Bank Trust Company Americas; and Hua Nan Commercial Bank, New York Agency.
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Title Annotation:Banking & Finance
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Sep 28, 2005
Words:269
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