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iStar Financial Agrees to Sell $1.1 Billion of Fixed and Floating Rate Unsecured Senior Notes
NEW YORK, Feb. 23 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), the leading publicly traded finance company focused on the commercial real estate industry, announced today that it has agreed to sell $1.1 billion of fixed and floating rate unsecured senior notes in an underwritten public offering.
The company has agreed to sell $700 million of fixed rate 5.15% Senior Notes due 2012. The Notes are being sold at 99.837% of their principal amount to yield 5.178% per annum. The transaction is expected to close on March 1, 2005.
The company has also agreed to sell $400 million of Senior Floating Rate Notes due 2008. The Notes will bear interest at a rate per annum equal to three-month LIBOR plus 0.39%. The transaction is expected to close on March 1, 2005.
iStar Financial expects to use the proceeds from the sale of the Notes to repay outstanding balances on its revolving credit facilities.
Banc of America Securities LLC and Goldman, Sachs & Co. are acting as joint book running managers of the offering. Barclays Capital, KeyBanc Capital Markets and RBS Greenwich Capital are acting as co-managers.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the senior notes being sold in the offering. The offering is being made only by means of a prospectus supplement and accompanying prospectus, copies of which will be filed with the Securities and Exchange Commission and may be obtained from Banc of America Securities LLC, Prospectus Department, 100 West 33rd Street, 3rd Floor, New York, NY 10001 or Goldman, Sachs & Co. at 85 Broad Street, New York, NY 10004.
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.
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