NEW YORK, May 31, 2019 /PRNewswire/ -- iStar Inc. (NYSE:
STAR) announced today an adjustment to the conversion rates of its
3.125% Convertible Senior Notes due 2022 and its 4.50% Series J
Cumulative Convertible Perpetual Preferred Stock as a result of the
common stock cash dividends paid on March
15, 2019 and May 31, 2019.
3.125% Convertible Senior Notes Due 2022
The conversion price applicable to the outstanding 3.125%
Convertible Senior Notes due 2022 has been adjusted to $14.95 per share (66.8675 shares of iStar common
stock per $1,000 principal amount of
Notes) from $15.27 per share (65.4675
shares of iStar common stock per $1,000 principal amount of Notes) effective
May 14, 2019 and subject to further
adjustment as provided in the governing supplemental
indenture.
Notice of the conversion rate adjustment has been delivered to
holders of the notes and U.S. Bank National Association, as
trustee, in accordance with the terms of the supplemental
indenture.
4.50% Series J Cumulative Convertible Perpetual Preferred
Stock
The conversion price applicable to the outstanding 4.50% Series
J Cumulative Convertible Perpetual Preferred Stock has been
adjusted to $12.31 per share (4.0612
shares of iStar common stock per share of Series J Preferred Stock)
from $12.57 per share (3.9762 shares
of iStar common stock per share of Series J Preferred Stock)
effective May 14, 2019 and subject to
further adjustment as provided in the articles supplementary
setting forth the terms of the Series J Preferred Stock.
* * *
iStar Inc. (NYSE: STAR) is focused on reinventing the ground
lease sector, unlocking value for real estate owners throughout the
country by providing modern, more efficient ground leases on all
types of properties. As the founder, investment manager and largest
shareholder of Safehold Inc. (NYSE: SAFE), the first publicly
traded company to focus on modern ground leases, iStar is helping
create a logical new approach to the way real estate is owned, and
continues to use its historic strengths in finance and net lease to
expand this unique platform. Recognized as a consistent innovator
in the real estate markets, iStar specializes in identifying and
scaling newly discovered opportunities and has completed more than
$40 billion of transactions over the
past two decades. Additional information on iStar is available on
its website at www.istar.com.
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SOURCE iStar