NEW YORK, Dec. 12 /PRNewswire-FirstCall/ -- iStar Financial Inc.
(NYSE: SFI), a leading publicly traded finance company focused on the
commercial real estate industry, announced today that it has commenced an
underwritten public offering of 6 million shares of its common stock. The
Company intends to grant the underwriters an option to purchase up to 900,000
additional shares to cover over-allotments.
The Company intends to use the net proceeds from the offering to repay
outstanding indebtedness under the unsecured interim financing facility which
the Company used to fund its acquisition of the commercial real estate lending
business of Fremont General Corporation.
This offering is made pursuant to an effective shelf registration
statement and prospectus filed by iStar Financial with the Securities and
Exchange Commission and is subject to market conditions. Citi, J.P. Morgan
Securities Inc. and Wachovia Securities are acting as joint book-running
managers for the offering and as representatives of the underwriters.
Interested parties may obtain copies of the preliminary prospectus
supplement and accompanying prospectus relating to the common stock offering
by contacting Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor,
Brooklyn, NY 11220, telephone: (718) 765-6732, fax: (718) 765-6734; J.P.
Morgan Securities Inc., Chase Distribution & Support Service Northeast
Statement Processing, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245,
telephone: (718) 242-1350, fax: (708) 242-8003; or Wachovia Securities
Prospectus Department, 375 Park Avenue, New York, New York 10152, Attn: Equity
Syndicate, email: email@example.com.
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
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iStar Financial Inc. is a leading publicly traded finance company focused
on the commercial real estate industry. The Company primarily provides
custom-tailored investment capital to high-end private and corporate owners of
real estate, including senior and mezzanine real estate debt, senior and
mezzanine corporate capital, as well as 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.