NEW YORK, Sept. 11, 2017 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced today that it has engaged J.P. Morgan, Barclays and Bank of America Merrill Lynch to arrange a repricing and extension of iStar's existing senior secured term loan facility. In connection with the repricing, iStar would utilize cash on hand to repay outstanding loans under the facility to reduce the facility's aggregate principal amount from $473 million to $400 million. The maturity date of the facility would be extended from July 2020 to September 2021. The proposed facility would be collateralized by substantially the same assets as the existing pool that collateralizes the current facility.
iStar is also seeking to amend and extend its existing $250 million secured revolving credit facility to increase the commitments under the facility to $300 million, extend the maturity date from March 2018 to September 2020 and provide additional flexibility for eligible collateral.
These transactions, together with iStar's capital markets transactions from time to time, are part of iStar's continuing strategy to ladder and extend its debt maturity profile, reduce its cost of capital and address upcoming debt maturities.
J.P. Morgan is acting as lead left bookrunner and J.P. Morgan, Barclays and Bank of America Merrill Lynch are serving as joint lead arrangers and bookrunners.
* * *
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.