iStar Financial Announces Proposed Refinancing of $1.82 Billion Senior Secured
NEW YORK, Jan. 30, 2013
NEW YORK, Jan. 30, 2013 /PRNewswire/ --iStar Financial Inc. (NYSE: SFI)
announced today that it is launching a refinancing of its $1.82 billion senior
secured credit facility. The current outstanding amount of the facility is
approximately $1.71 billion as a result of approximately $108 million of
repayments on the underlying collateral. Under the proposed refinancing, all
of the terms of the existing credit facility would remain the same, except
that the pricing terms would be changed to reflect more favorable current
market pricing and the call protection period for lenders would be extended
from October 15, 2013 to December 31, 2013. In connection with the
refinancing, the Company would pay lenders a prepayment fee of 1.0% of the
outstanding facility amount. The proposed refinancing is subject to market
conditions, and there can be no assurance that it will be completed.
J.P. Morgan is acting as Lead Left Bookrunner and J.P. Morgan,Barclays and
BofA Merrill Lynch are serving asJoint Lead Arrangers andBookrunners.
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iStar Financial Inc. (NYSE: SFI) is a fully-integrated finance and investment
company focused on the commercial real estate industry. The Company provides
custom-tailored investment capital to high-end private and corporate owners of
real estate and invests directly across a range of real estate sectors. The
Company, which is taxed as a real estate investment trust ("REIT"), has
invested more than $35 billion over the past two decades. Additional
information on iStar Financial is available on the Company's website at
SOURCE iStar Financial Inc.
Contact: David M. DiStaso, Chief Financial Officer, or Jason Fooks, Investor
Relations, +1-212-930-9400, email@example.com
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