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iStar Financial Agrees to Sell $1.0 Billion of Senior Unsecured Notes
NEW YORK, Feb. 15 /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 $1.0 billion of Fixed 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 $500 million of Fixed Rate 5.65% Senior Notes due 2011. The Notes are being sold at 99.956% of their principal amount to yield 5.658% per annum.
The Company has also agreed to sell $500 million of Fixed Rate 5.875% Senior Notes due 2016. The Notes are being sold at 99.896% of their principal amount to yield 5.888% per annum.
The offering of both series of Notes is expected to close on February 21, 2006. iStar Financial expects to use the proceeds from the sale of the Notes to repay outstanding balances on its unsecured revolving credit facility.
JPMorgan, Lehman Brothers and Wachovia Securities 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 solicitation of an offer to buy the Notes being sold in this offering. Copies of the final prospectus and accompanying prospectus relating to the sale of the Notes will be filed with the Securities and Exchange Commission and may be obtained from J.P. Morgan Securities Inc., 270 Park Avenue, High Grade Syndicate Desk, 8th Floor, New York, NY 10017, Tel: (212) 834-4533.
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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