NEW YORK, Jan. 4 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI)
announced today that it has further extended the consent expiration date with
respect to a consent solicitation for its 7.000% Senior Notes due 2008, 4.875%
Senior Notes due 2009, 6.000% Senior Notes due 2010, 5.125% Senior Notes due
2011, 6.500% Senior Notes due 2013 and 5.700% Senior Notes due 2014 to 5:00
p.m. New York City time, on January 9, 2007, unless terminated or further
As of 5:00 p.m. New York City time on January 4, 2007, iStar Financial had
received consents from a significant majority in aggregate principal amount of
each of its 7.000% Senior Notes due 2008; 4.875% Senior Notes due 2009; 6.000%
Senior Notes due 2010; 5.125% Senior Notes due 2011; and 6.500% Senior Notes
The Company also announced that the consent payment per $1,000 principal
amount of 5.700% Notes due 2014 will be $7.50 and that the 2014 Notes will
continue to include the covenant entitled "Offer to Repurchase Upon Change of
Control." All other terms of the original Consent Solicitation, dated December
20, 2006, remain in effect and unmodified. Holders of notes that have validly
provided consents do not need to take any further actions in light of the
extension, or the changes to the solicitation terms of the 2014 Notes.
The Consent Solicitation Statement dated December 20, 2006, as amended
(the "Consent Solicitation Statement") contains all relevant terms and
conditions. Holders of Notes who wish to deliver consents prior to the
expiration date of 5:00 p.m. New York City time on January 9, 2007 may use the
original consent form that accompanied the December 20, 2006 Consent
Solicitation Statement. Only holders of Notes who validly provide consent on
or before the expiration date and do not properly revoke such consent will be
eligible to receive a consent payment. At any time following the receipt of
the requisite consents from the holders of Notes, and in accordance with the
terms of the Consent Solicitation Statement, the Company may execute and
deliver to the trustee supplemental indentures with respect to the proposed
amendments described in the Consent Solicitation Statement (the "Effective
Time"). Holders may revoke consents until the earlier of the Effective Time or
the expiration date of 5:00 p.m. New York City time, on January 9, 2007,
unless terminated or further extended.
Citigroup Corporate and Investment Banking is acting as the solicitation
agent for the Consent Solicitation. Global Bondholder Services Corporation is
acting as the information and tabulation agent. Document requests and
inquiries should be directed to Global Bondholder Services Corporation at
(866) 470-3800. Questions related to the Consent Solicitation should be
directed to Citigroup Corporate and Investment Banking at (800) 558-3745.
This announcement is not a solicitation of consents with respect to any
Securities. The solicitation is being made solely by the Consent Solicitation
Statement and related Consent Form. iStar Financial may amend, extend or,
subject to certain conditions, terminate the Consent Solicitation with respect
to all of the series.
iStar Financial Inc. is a leading publicly traded finance company focused
on the commercial real estate industry. The Company primarily provides custom
tailored financing to high end private and corporate owners of real estate,
including senior and mezzanine real estate debt, senior and mezzanine
corporate capital, corporate net lease financing and equity. The Company,
which is taxed as a real estate investment trust ("REIT"), seeks to deliver
strong dividends and superior risk-adjusted returns on equity to shareholders
by providing innovative and value added financing solutions to its customers.
Additional information on iStar Financial is available on the Company's
website at http://www.istarfinancial.com.
SOURCE iStar Financial Inc.
Catherine D. Rice, Chief Financial Officer
Andrew G. Backman, Vice President - Investor Relations
both of iStar Financial Inc.