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iStar Announces Pricing of Upsized $550 Million Senior Unsecured Notes Offering

NEW YORK, Dec. 6, 2019 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced today that it has agreed to sell at par $550 million aggregate principal amount of 4.25% Senior Unsecured Notes due 2025. The size of the offering was increased by $50 million from the previously announced offering size of $500 million. The closing of the offering of the senior unsecured notes is expected to occur on December 16, 2019, subject to customary conditions.

The Company intends to use the net proceeds of the offering to (1) consummate the cash tender offer announced today for any and all of iStar's outstanding $375.0 million aggregate principal amount of 6.00% Senior Notes due 2022 (the "2022 Notes"), which is scheduled to expire at 5:00 p.m., New York City time, on December 12, 2019, unless extended or earlier terminated by iStar, (2) redeem any 2022 Notes that remain outstanding after consummation of the tender offer, (3) repay a portion of the borrowings outstanding under the company's senior secured term loan and (4) pay any related premiums, penalties, fees and expenses in connection with the foregoing.

J.P. Morgan, BofA Securities, Barclays, Morgan Stanley, and Goldman Sachs & Co. LLC are the joint book-running managers for the offering. The notes will be issued pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (the "SEC").

This press release does not constitute an offer to sell or the solicitation of an offer to buy the offered notes, nor shall there be any sale of the notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

The notes will be offered by means of the preliminary prospectus supplement and accompanying prospectus for the offering. Electronic copies of the preliminary prospectus supplement and accompanying prospectus for the offering may be obtained for free by searching the SEC online database (EDGAR) on the SEC website at Alternatively, copies of the preliminary prospectus supplement and accompanying prospectus for the offering may be obtained by contacting the joint book-running managers at the following addresses or telephone numbers:


J.P. Morgan
383 Madison Avenue, 3rd Floor
New York, NY 10179
Attn: Syndicate Desk
1-800-245-8812 (toll free)

BofA Securities
200 North College Street, 3rd Fl.
Charlotte, NC 28255-0001
Attn: Prospectus Department

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
1-888-603-5847 (toll-free)

Morgan Stanley & Co. LLC
180 Varick Street, 2nd Floor
New York, NY 10014
Attn: Prospectus Department  

Goldman Sachs & Co. LLC
200 West Street
New York, NY 10282
Attn: Prospectus Department


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iStar logo. (PRNewsFoto/iStar Financial Inc.) (PRNewsfoto/iStar)


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SOURCE iStar Inc.

Company Contact: Jason Fooks, Senior Vice President of Investor Relations & Marketing, 212.930.9400,