NEW YORK, Jan. 27, 2017 /PRNewswire/ -- iStar (NYSE: STAR) announced today that it has received commitments from lenders to reprice its $497 million senior secured credit facility and increase the balance to $500 million. The term loan will now bear interest at an annual rate of LIBOR + 3.75% with a 1.00% LIBOR floor, a reduction from the prior rate of LIBOR + 4.50% with a 1.00% LIBOR floor. Call protection for lenders was reset for six months. All other terms of the facility, including its June 2020 maturity and 1.25x required collateral coverage, remain the same.
J.P. Morgan is acting as Lead Left Bookrunner and J.P. Morgan, Barclays and BofA Merrill Lynch are serving as Joint Lead Arrangers and Bookrunners.
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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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Company Contact: Jason Fooks, Vice President of Investor Relations & Marketing, 1114 Avenue of the Americas, New York, NY 10036, T 212.930.9400, firstname.lastname@example.org