iStar Launches Offering of Series J Cumulative Convertible Perpetual Preferred Stock

NEW YORK, March 12, 2013 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) announced today that it has launched an offering, subject to market and other conditions, of 3,000,000 shares, or $150 million aggregate liquidation preference, of its Series J Cumulative Convertible Perpetual Preferred Stock ("Series J Convertible Preferred Stock").  The underwriters have the option to purchase up to 450,000 additional shares, or  $22.5 million aggregate liquidation preference, of Series J Convertible Preferred Stock. The Company intends to use the net proceeds of the offering for new investment activities and for general corporate purposes.

Barclays Capital Inc., BofA Merrill Lynch, and J.P. Morgan are the joint book-running managers for the offering.  The Series J Convertible Preferred Stock will be issued pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy the offered securities, nor shall there be any sale of the securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. 

The Series J Convertible Preferred Stock will be offered by means of the preliminary prospectus supplement and accompanying prospectus. Electronic copies of the preliminary prospectus supplement and accompanying prospectus may be obtained for free by searching the SEC online database (EDGAR) on the SEC website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and accompanying prospectus may be obtained by contacting the joint book-running managers at the following addresses or telephone numbers:

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
barclaysprospectus@broadridge.com 
1-888-603-5847 (toll free)

BofA Merrill Lynch   
222 Broadway
New York, New York 10038
Attn: Prospectus Department
dg.prospectus_requests@baml.com

J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
1-866-803-9204 (toll free)

SOURCE iStar Financial Inc.



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