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iStar Financial Agrees to Sell $475 million of Fixed and Floating Rate Unsecured Senior Notes
NEW YORK, Dec 07, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- 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 $250 million of fixed rate notes and $225 million of floating rate notes in an underwritten public offering. All of the Notes are senior, unsecured debt securities of the Company.
The Company has agreed to sell $250 million of fixed rate 5.80% Senior Notes due 2011. The Notes are being sold at 99.900% of their principal amount to yield 5.824% per annum.
The Company has also agreed to sell $225 million of Senior Floating Rate Notes due 2009. The Notes will bear interest at a rate per annum equal to 3- month LIBOR plus 0.55%.
The offering of both series of Notes is expected to close on December 14, 2005. iStar Financial expects to use the proceeds from the sale of the Notes to repay outstanding balances on its unsecured revolving credit facility.
Merrill Lynch & Co., Inc. and UBS Investment Bank are acting as joint book running managers of the offering. HSBC (USA) Inc., RBC Capital Markets, and Scotia Capital (USA) Inc. are acting as co-managers.
This press release does not constitute an offer to sell or solicitation of an offer to buy the senior notes being sold in the offering. Copies of the final prospectus supplement and accompanying prospectus relating to the sale of the Notes will be filed with the Securities and Exchange Commission and may be obtained from Merrill Lynch at 4 World Financial Center, New York, NY 10080 or UBS Investment Bank at the Fixed Income Syndicate Department, 677 Washington Boulevard, Stamford, CT 06901.
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.
SOURCE iStar Financial Inc.
Catherine D. Rice, Chief Financial Officer, or Andrew C. Richardson, Executive Vice President - Capital Markets, or Andrew G. Backman, Vice President - Investor Relations, all of iStar Financial Inc., +1-212-930-9400
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