NEW YORK, Aug. 9, 2016 /PRNewswire/ -- iStar (NYSE: STAR) announced today that it intends to upsize its senior secured credit facility by $50 million to $500 million. The additional debt will be issued at par. Proceeds from the upsize will be used to pay down outstanding borrowings on the Company's secured revolving credit facility.
The Company originally closed on the $450 million facility in June 2016. The terms of the facility will remain unchanged. The term loan bears interest at a rate of LIBOR plus 4.5% with a 1.0% LIBOR floor. Outstanding borrowings under the facility will continue to be collateralized 1.25x by a diversified pool of assets and the facility will mature on July 1, 2020.
J.P. Morgan is acting as sole bookrunner on the upsize transaction.
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iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on its website at www.istar.com.
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