NorthStar Realty Finance Announces Repayment of Credit Facility
NEW YORK, July 1 /PRNewswire-FirstCall/ -- NorthStar Realty Finance Corp. (NYSE: NRF) announced today that on June 30, 2010, it fully repaid and extinguished its $304 million credit facility with Wells Fargo, National Association, in exchange for the following: (i) $208 million of cash; (ii) granting Wells Fargo the right to receive 40% of any principal proceeds paid to NorthStar on its euro 72.5 million participation in a mezzanine loan that is collateralized by a German retail portfolio; and (iii) granting Wells Fargo two million warrants to acquire two million shares of NorthStar's common stock for $7.60 per share.
Following the repayment of the credit facility, NorthStar's unrestricted cash balance is expected to be approximately $100 million.
Additionally, as part of the repayment, Wells Fargo has agreed to use commercially reasonable efforts to provide NorthStar and/or its affiliates a new secured credit facility, which is expected to be $200 million.
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is a finance REIT that primarily originates and invests in commercial real estate debt, real estate securities and net lease properties. For more information about NorthStar Realty Finance Corp., please visit www.nrfc.com.
SOURCE NorthStar Realty Finance Corp.
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