NEW YORK, June 20, 2018 /PRNewswire/ -- iStar Inc.
(NYSE: STAR) announced it has received commitments from lenders to
re-price, amend and extend its senior secured term loan. The
principal amount of the amended term loan will be increased to
$650 million from $377 million, the annual interest rate will be
reduced to LIBOR plus 2.75% from LIBOR plus 3.00% and the maturity
date will be extended to June 2023
from October 2021. The amended term
loan will be priced at 99.875% and call protection for lenders will
be reset for six months.
The amended term loan will be collateralized by the pledge of
stock of entities that own existing and new assets, with asset
addition and substitution flexibility within specified parameters.
In addition, the amended term loan will include the ability to pay
dividends subject to certain conditions. A corresponding amendment
of the dividend restrictions in the Company's revolving credit
facility is being entered into concurrently with the amended term
loan. Proceeds from the new term loan facility will be used to
repay the outstanding current term loan facility and to redeem a
portion of the Company's $770 million
of senior unsecured notes due July
2019. Closing of the amended term loan is subject to
customary conditions and there can be no assurance that the closing
will occur.
J.P. Morgan is acting as lead left bookrunner and J.P. Morgan,
Barclays, Bank of America Merrill Lynch and Morgan Stanley 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.
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SOURCE iStar