NEW YORK, June 8, 2016 /PRNewswire/ -- iStar (NYSE: STAR) announced today that it has engaged J.P. Morgan, Barclays Capital and Bank of America Merrill Lynch to arrange a $450 million senior secured term loan facility for the Company. Proceeds from the new facility will be used to refinance iStar's 2012 Secured Term Loan due March 2017, partially pay down outstanding borrowings on its Secured Revolving Credit Facility and pay related transaction costs. Outstanding borrowings under the new facility will be collateralized 1.25x by a pool of assets represented primarily by the same real estate assets that collateralized the Company's 2012 and 2013 Secured Credit Facilities.
J.P. Morgan is acting as Lead Left Bookrunner and J.P. Morgan, Barclays and BofA Merrill Lynch are serving as Joint Lead Arrangers and Bookrunners.
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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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