iStar Financial Prices Senior Note Offering
NEW YORK, Dec. 5 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) announced today that it has increased the size of its previously- announced offering of Senior Notes from $250 million to $500 million and it has agreed to pricing terms for the offering. iStar has agreed to issue $350 million of 6.0% Senior Notes due 2010 and $150 million of 6.5% Senior Notes due 2013. The Notes due 2010 were sold at 99.436% of their principal amount and the Notes due 2013 were sold at 99.275% of their principal amount. The offering is being managed by Deutsche Bank Securities, as the sole book- running lead manager, Banc of America Securities LLC as a co-lead manager, and Bear, Stearns & Co. Inc., Fleet Securities, Inc., Goldman, Sachs & Co., and Lehman Brothers as co-managers.
The Notes are unsecured senior obligations of iStar Financial. The proceeds of the offering will be used to repay existing secured indebtedness.
This press release does not constitute an offer to sell or a solicitation of offers to buy the Notes. The offering is being made solely by means of a prospectus supplement and accompanying prospectus, copies of which will be filed with the Securities and Exchange Commission and can be obtained from Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, Attn: Prospectus Department.
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, mezzanine and subordinated 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 innovative and value-added financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at www.istarfinancial.com.
SOURCE iStar Financial Inc. -0- 12/05/2003 /CONTACT: Catherine D. Rice, Chief Financial Officer, Andrew C. Richardson, Executive Vice President - Capital Markets, or Erin C. Gatewood, Associate - Investor Relations, all of iStar Financial Inc., +1-212-930-9400/ /Web site: http://www.istarfinancial.com / (SFI) CO: iStar Financial Inc. ST: New York IN: FIN RLT SU: OFR KJ -- NYF073 -- 8500 12/05/2003 11:59 EST http://www.prnewswire.com