Edison, NJ — Mack-Cali Realty Corporation announced that it has successfully closed on a new $350 million unsecured term loan, which matures in January 2019 with two one-year extension options. The interest rate for the new term loan is currently 140 basis points over LIBOR, subject to adjustment on a sliding scale based on the Company's unsecured debt ratings, or at the Company's option, a defined leverage ratio. Mack-Cali entered into interest rate swap arrangements to fix LIBOR for the duration of the term loan. Including costs, the loan provides for a current all-in fixed rate of 3.12%. There is no premium or penalty associated with full or partial prepayment of the term loan.Proceeds from the term loan are being used primarily to repay the Company's $200 million, 5.8% unsecured bonds scheduled to mature on January 15, 2016, and to pay down outstanding borrowings on its $600 million unsecured credit facility.Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities, LLC, and Wells Fargo Securities, LLC served as the joint lead arrangers for the term loan. Bank of America, N.A. served as administrative agent; JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., and Capital One, National Association served as syndication agents; and US Bank National Association served as documentation agent. Other participants in the loan were PNC Bank, National Association and Citibank, N.A."With our bank group, Mack-Cali has successfully executed this new unsecured term loan and swapped to a fixed rate for a five year period. The $350 million term loan provides an attractive source of capital and results in an anticipated new debt maturity in 2021. The debt cost represents significant interest savings to the 5.8 percent bonds maturing this month," said Tony Krug, Mack-Cali’s chief financial officer.