iStar Financial Reprices Its $1.82 Billion Senior Secured Credit Facility
NEW YORK, Feb. 7, 2013 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) announced today that it has received commitments from lenders to reprice its $1.82 billion senior secured credit facility due October 2017. The term loan will now bear interest at an annual rate of LIBOR + 3.50% with a 1.00% LIBOR floor, a reduction from the prior rate of LIBOR + 4.50% with a 1.25% LIBOR floor. In connection with the repricing, the Company will pay lenders a prepayment fee of 1.0% of the approximately $1.71 billion outstanding on the facility at repricing. Call protection for lenders was extended from October 15, 2013 to December 31, 2013. All other terms of the credit facility remained the same.
J.P. Morgan acted as Lead Left Bookrunner and J.P. Morgan, Barclays and BofA Merrill Lynch served 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.