NEW YORK, Nov. 9 /PRNewswire-FirstCall/ -- iStar Financial Inc.
(NYSE: SFI) today announced the pricing of the public offering of 11,000,000
shares of its common stock at $44.50 per share. All of the shares were offered
by the Company. The resulting gross proceeds from the offering will be
approximately $489.5 million. The net proceeds to the Company after deducting
underwriting discounts and commissions and offering expenses payable by the
Company will be approximately $471.1 million. The Company has granted the
underwriters a 30-day option to purchase up to an additional 1,650,000 shares
of common stock to cover over-allotments. The offering is expected to close on
November 15, 2006.
The Company intends to use the net proceeds from the offering for the
repayment of debt.
Bear Stearns, Citigroup Corporate and Investment Banking and Lehman
Brothers served as joint book-running managers for the offering.
Interested parties may obtain a written copy of the final prospectus
supplement and accompanying prospectus relating to the common stock offering
by contacting Bear, Stearns at 383 Madison Avenue, New York, New York 10179,
telephone: (866) 803-9204; Citigroup Corporate and Investment Banking at 140
58th Street, 8th Floor, Brooklyn, New York 11220, telephone: (718) 765-6732;
or Lehman Brothers at Lehman Brothers Inc., c/o ADP Financial Services,
Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, New York 11717,
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation, or sale would be unlawful
prior to the registration or qualification under the securities laws of any
such jurisdiction. A registration statement relating to the securities has
been filed with the Securities and Exchange Commission and is effective. The
public offering is being made by means of a prospectus supplement and
iStar Financial Inc. is the 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.
CONTACT: Andrew G. Backman, Vice President - Investor Relations, or
Catherine D. Rice, Chief Financial Officer, both of iStar Financial Inc.,