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iStar Financial Announces Consent Solicitation Related to TriNet 7.95% Notes Due 2006
NEW YORK, March 14, 2005 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI), the leading publicly traded finance company focused on the commercial real estate industry, announced today that it has commenced a consent solicitation to amend certain covenants of the Indenture relating to TriNet Corporate Realty Trust Inc. 7.95% Notes due 2006 (the "Notes), scheduled to expire on March 28, 2005 (the "Consent Date").
The Company is seeking the consents in order to facilitate a consolidation of TriNet Corporate Realty Trust with its parent company, iStar Financial Inc. which owns 100% of TriNet's outstanding capital stock, through a merger, liquidation or other appropriate method. One of the conditions to the consummation of the consent solicitation is that the company receives consents from holders of at least a majority in aggregate principal amount of the TriNet Notes.
A consent payment of $2.50 for each $1,000 principal amount of Notes to which the consent relates, is being offered to eligible holders who validly consent to the amendments on or prior to 5:00 p.m. New York City time on the Consent Date and do not validly withdraw their consents.
The record date for the determination of holders entitled to give consents is March 11, 2005. The Company reserves the right to establish from time to time any new date as the record date and, thereupon, any such new date will be deemed to be the "Record Date" for purposes of the consent solicitation.
iStar Financial has engaged Bear, Stearns & Co. Inc. to act as solicitation agent in connection with the consent solicitation. Questions regarding the consent solicitation may be directed to Bear, Stearns & Co. Inc., Global Liability Management Group, at (877) 696-BEAR (2327) (U.S. toll- free).
Copies of the Consent Solicitation Statement and the Letter of Consent form can be obtained from Georgeson Shareholder at 17 State Street, 10th Floor, New York, NY 10004, by telephone at (866) 873-6993.
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
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