IStar Said to Receive Commitments for $3 Billion Loan
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IStar Financial Inc., the commercial real-estate lender that’s extending debt maturities to avoid restructuring, has received commitments from lenders for a $3 billion loan, according to three people with knowledge of the situation.
The company, which increased rates on $1.5 billion of the loan earlier today, will issue portions of it as soon as Friday and anticipates funding on March 15, said the people, who declined to be named because the deal is private. Proceeds will be used to repay secured loans maturing in June 2011 and 2012 and a portion of the company’s unsecured debt maturing this year.