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Mack-Cali Realty gets three-year $325 million delayed-draw term loan
By Wendy Van Sickle
Columbus, Ohio, Jan. 27 – Mack-Cali Realty, LP closed a new $325 million delayed draw unsecured term loan this week, according to a press release.
The term loan can be drawn over time within a year of closing and is not required to be drawn in full.
It matures in three years with two one-year extension options.
The term loan bears initial interest of Libor plus 140 basis points and has a ticking fee of 25 bps on any undrawn balance during the first year after closing. The interest margin is subject to adjustment based upon Mack-Cali's unsecured debt ratings, or at the company's option, a defined leverage ratio.
Bank of America Merrill Lynch, JPMorgan Chase Bank, NA and Wells Fargo Securities, LLC acted as joint lead arrangers and joint bookrunners. Capital One, NA and U.S. Bank NA also acted as joint lead arrangers. JPMorgan is the administrative agent. Wells Fargo and Bank of America are the syndication agents.
The self-administered, self-managed real estate investment trust is based in Edison, N.J.
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