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Mack-Cali Realty, LP – the operating partnership entity of Mack-Cali Realty Corp. (CLI - Analyst Report), a real estate investment trust (REIT), has recently agreed to sell an underwritten public offering of $250 million worth of 2.500% senior unsecured notes. The notes are scheduled to mature in 2017 and are priced at 99.409% of their par value to yield 2.625% to maturity.

The net proceeds from the offering are expected to be utilized by the operating partnership to repay debt outstanding under the unsecured revolving credit facility and for other general corporate purposes

At quarter-end, the company had total debt of $2.0 billion, with a debt-to-undepreciated assets ratio of 34.4%, an interest coverage ratio of 3.1x, and cash and cash equivalents of $21.5 million.

BofA Merrill Lynch, part of Bank of America Corporation (BAC - Analyst Report); Citigroup part of Citigroup,Inc (C - Analyst Report); and J.P. Morgan part of J.P Morgan Chase & Co (JPM - Analyst Report) are  the  joint book-running managers for the offering.
Mack-Cali is primarily engaged in owning, leasing, managing, and developing Class A office and industrial/flex properties. The company focuses on high-barrier markets mostly in the suburban areas in the northeast and mid-Atlantic regions in the U.S., and derives most of its annualized base rents from New Jersey.

In addition, Mack-Cali is structured as a vertically integrated company, providing a full range of leasing, property management, construction, legal, space planning, and architectural services under a single platform.

Mack-Cali currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We maintain our long-term Neutral recommendation on the stock.

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