iStar Closes New $450 Million Senior Secured Credit Facility
NEW YORK, June 23, 2016 /PRNewswire/ -- iStar (NYSE: STAR) announced today that that it has entered into a new $450 million senior secured credit facility due July 1, 2020. The new term loan bears interest at a rate of LIBOR plus 4.5% with a 1.0% LIBOR floor and was issued at 99.0% of par. 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 acted as Lead Left Bookrunner and J.P. Morgan, Barclays and BofA Merrill Lynch served 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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