Mack-Cali in $300M
Tender Offer
Mack-Cali Realty LP, the operating partnership of Edison-based Mack-Cali Realty
Corp., last month rolled out a cash tender
offer for “any and all” of the $300 million
principal amount of its 7.25% senior unsecured notes due March 15, 2009. That offering closed in mid-November with $100.3
million of notes accepted for purchase.
The offering called for payment of $1,000
per $1,000 of the principal amount of the
notes plus accrued and unpaid interest to,
but not including, the payment date for notes
purchased in the offer. Company officials indicated they expected to use cash and borrowings available under Mack-Cali’s $775
million unsecured revolving credit facility to
pay for the notes redeemed in response to
the offer. The notes purchased via the offer
were then expected to be cancelled.
“The operating partnership is making the
tender offer only by, and pursuant to the
terms of, the offer to purchase and the related letter of transmittal,” read the company’s statement. “The tender offer is not
being made in any jurisdiction in which the
making or acceptance thereof would not be
in compliance with the securities, blue sky or
other laws of such jurisdiction.”
The tender offer was handled by JP Morgan Securities Inc. as dealer manager.
after the election. “Renewing and strengthening this fund is integral to preservation efforts
and allows the state to continue to actively
partner with local governments to preserve
our parks, forests, farms and historic places.”
“These results demonstrate sustained
support among New Jersey residents for
new investments in parks and open space,
even in a tough economic climate,” says
Tom Gilbert, Mid-Atlantic conservation
finance director for the Trust for Public
Land. “In 2009, we look forward to working with Gov. Corzine, the legislature, and
our conservation partners on the critical
Voters OK $191M of
Conservation Funding
On election day, voters nationally approved
$7.3 billion in new public money to protect open space, the most ever, according
to the Trust for Public Land. In New Jersey, voters approved 14 of 22 county and
municipal measures, adding up to $191
million in conservation funding. New Jersey had more open space ballot measures
than any other state. And those results
may have legislative implications.
“We call on Gov. Corzine and legislative
leaders to follow the example of voters and
make good on their pledge to replenish the
Garden State Preservation Trust,” said
Thomas Gilmore, chairman of the New Jersey Keep it Green Campaign, in a statement
