Mack-Cali Realty fixes Libor for $325 million term loan at 1.6473%

By Wendy Van Sickle

Columbus, Ohio, April 4 – Mack-Cali Realty, LP executed interest rate swap arrangements on March 29 with the lenders of its $325 million delayed-draw unsecured term loan entered on Jan. 30, according to an 8-K filing with the Securities and Exchange Commission.

The agreements fix Libor at an average rate of 1.6473% for a current fixed rate of 3.0473%, based on the current 140 basis points margin.

The company drew the full amount of the term loan on March 22.

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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