iStar Announces Proposed Refinancing of Senior Secured Credit Facility

NEW YORK, Jan. 23, 2017 /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 to reprice and partially repay iStar's existing $497 million senior secured credit facility. The proposed facility will be collateralized by the same pool with the same 1.25x collateral coverage and the same maturity date as the existing facility.

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.

SOURCE iStar

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