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02/14/2005

Supplemental Indenture Executed With Respect to TriNet Corporate Realty Trust, Inc. 7.70% Notes due 2017

NEW YORK, Feb 14, 2005 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI), the leading publicly traded finance company focused on the commercial real estate industry, and its subsidiary TriNet Corporate Realty Trust, Inc., announced today, pursuant to their previously announced exchange offer and consent solicitation for the exchange of iStar Financial Inc. 5.70% Series B Senior Notes due 2014 for any and all of its outstanding TriNet 7.70% Notes due 2017, that they received the requisite consents to adopt the proposed amendments to the indenture governing the TriNet Notes. Adoption of the proposed amendments required the consent of holders of at least a majority of the aggregate principal amount of the outstanding TriNet Notes under the indenture. The proposed amendments will waive most of the restrictive covenants and certain events of default in the indenture and the TriNet Notes. TriNet and BNY Midwest Trust Company, the trustee under the indenture, executed the supplemental indenture adopting the proposed amendments on February 11, 2005.

The amendments will not become operative until iStar Financial accepts and consummates the exchange of all notes validly tendered. The exchange offer and consent solicitation are scheduled to expire on February 24, 2005 and issuance of the new iStar Notes is scheduled to occur on March 1, 2005. If the amendments with regard to the TriNet Notes become operative, they will be effective as of the date a supplemental indenture was executed. Holders who tendered their TriNet Notes are no longer able to withdraw them because the supplemental indenture has now been executed.

iStar Financial's obligation to exchange notes that are tendered will be subject to customary conditions. iStar Financial has the right to waive these conditions.

Bear, Stearns & Co Inc. is acting as dealer manager in connection with the exchange offer and consent solicitation. Questions regarding the exchange offer may be directed to Bear, Stearns & Co. Inc., Global Liability Management Group, at (877) 696-BEAR (2327) (U.S. toll-free).

Copies of offer materials can be obtained from Georgeson Shareholder at 17 State Street, 10th Floor, New York, NY 10004, by telephone at (866) 873-6993.

This announcement is not an offer of iStar Notes or a solicitation of consents with respect to the TriNet Notes. The exchange offer and consent solicitation is being made solely by a Prospectus dated February 10, 2005, and a form of Consent and Letter of Transmittal that accompanied the original Prospectus dated January 25, 2005.

iStar Financial is the leading publicly traded finance company focused on the commercial real estate industry. The Company provides custom-tailored financing to high-end private and corporate owners of real estate nationwide, including senior and junior mortgage debt, senior and mezzanine corporate capital, and corporate net lease financing. The Company, which is taxed as a real estate investment trust, seeks to deliver a strong dividend and superior risk-adjusted returns on equity to shareholders by providing the highest quality 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, or Andrew C. Richardson, Executive Vice President, or Andrew G. Backman, Vice President - Investor Relations, all of iStar Financial, +1-212-930-9400

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