iStar Financial Announces Proposed Refinancing of 2011 Senior Secured Credit Facility
NEW YORK, Sept. 28, 2012 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) announced today that it has engaged J.P. Morgan, Barclays Capital and Bank of America Merrill Lynch to arrange a $1.8 billion refinancing of its 2011 senior secured credit facility. The 2011 facility is comprised of two tranches of loans scheduled to mature in 2013 and 2014, respectively. The new facility would refinance the entire remaining balance of the 2011 facility with a new senior secured first lien term loan due in 2017. The new facility would be collateralized 1.25x by substantially the same collateral pool as presently exists under the 2011 facility.
J.P. Morgan and Barclays Capital are acting as Joint Physical Bookrunners and, together with Bank of America Merrill Lynch, will serve as Joint Lead Arrangers and Bookrunners.
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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 www.istarfinancial.com.
SOURCE iStar Financial Inc.