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Published on 9/19/2016 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Mack-Cali gets tenders for $114.92 million 7.75% notes; pricing set

By Susanna Moon

Chicago, Sept. 19 – Mack-Cali Realty Corp. said investors had tendered $114,916,000 of the $250 million of 7.75% senior notes due Aug. 15, 2019 issued by operating partnership Mack-Cali Realty.

The purchase price will be $1,159.77 for each $1,000 principal amount, according to a company update.

As announced Sept. 12, the operating partnership was tendering for the notes at a price based on a spread of 115 basis points over the 0.75% Treasury due Aug. 15, 2019.

Holders will also receive accrued interest up to but excluding the settlement date.

Pricing was set at 2 p.m. ET on Sept. 16 and the tender ended at 5 p.m. ET the same day.

The company said it accepted for purchase all of the tendered notes, with settlement following on Sept. 19.

The tendered amount includes $52,000 principal amount of notes tendered under guaranteed delivery procedures, the company noted.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager. Global Bondholder Services Corp. (866 807-2200 or 212 430-3774) is the depositary and information agent.

Mack-Cali is a Jersey City, N.J., real estate investment trust which operates waterfront and transit-based office and luxury multi-family assets.


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