NorthStar Realty Enters Into $500 Million Revolving Corporate Credit Facility
NEW YORK, Aug. 6, 2014 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar Realty") today announced that it has entered into a $500 million revolving corporate credit facility with a three year term (the "Revolving Credit Facility"). Advances under the Revolving Credit Facility accrue interest at a per annum rate of LIBOR + 3.50%.
David T. Hamamoto, chairman and chief executive officer, commented, "We are extremely pleased to have entered into a $500 million revolving corporate credit facility, which will afford us substantially greater financial flexibility than we have had in the past. Access to this additional capital source is a testament to the strength and growth of NorthStar Realty."
Deutsche Bank Securities Inc., acted as the Sole Lead Arranger and Sole Bookrunner on the credit facility.
Certain items in this press release may constitute forward-looking statements, which can be identified by words like "will" and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; NorthStar Realty can give no assurance that its expectations will be attained. Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any forward-looking statements will not materialize or will vary significantly from actual results. Variations of assumptions and results may be material. Factors that could cause actual results to differ materially from NorthStar Realty 's expectations include, but are not limited to, the timing and amount of borrowings under the Revolving Credit Facility; NorthStar Realty's ability to comply with the various affirmative and negative covenants, including the financial covenants, contained in the Revolving Credit Facility agreement; NorthStar Realty's use of leverage; the anticipated strength and growth of NorthStar Realty's business; NorthStar Realty's liquidity and financial flexibility; NorthStar Realty's future cash available for distribution; and the availability of, and ability to consummate investment opportunities funded by, borrowings from the Revolving Credit Facility. Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NorthStar Realty's Annual Report on Form 10-K for the year ended December 31, 2013 and its other filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. NorthStar Realty expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is a diversified commercial real estate investment company that is organized as a REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm. For more information about NorthStar Realty, please visit www.nrfc.com.
SOURCE NorthStar Realty Finance Corp.