Moving on to some of our financial activities. We recently completed the sale of $300 million in 10 year senior unsecured notes at a very favorable interest rate of 4.5%, a benchmark rate certainly for Mack Cali. The net proceeds of almost $297 million were used primarily to repay outstanding borrowings. Certainly this successful execution enhances the financial flexibility of our balance sheet. We also just yesterday announced the redemption of our $94 million in December 15th of '12, 6.15% notes and our $26 million of 5.82% notes that come due March 15th of 2013. Both of these redemptions will occur on May 25th of 2012.
Mack Cali also continues to be recognized for its superior property management and superior energy performance within our assets. Earlier in the quarter we announced that our Liberty Corner Corporate Center at 106 Allen Road, Bernard's township New Jersey was announced the existing building silver certification. And just yesterday at this great asset, Epson Pharmaceutical celebrated a ribbon cutting opening its 33,000 square foot United States headquarters and so we wish great success for this European pharmaceutical company as they expand and grow in our portfolio in the United States.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV