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iStar Will Sell $475M in Senior Notes to Repay Debt

NEW YORK CITY-Finance concern iStar Financial will a total of $475 million in senior notes to repay outstanding balances on an unsecured revolving credit facility. The offering is expected to close on Dec. 14.

By Barbara Jarvie | Updated on December 08, 2005

(To read more on the debt and equity markets, click here.)

NEW YORK CITY-Publicly traded finance company iStar Financial Inc. will sell $250 million of fixed-rate notes and $225 million of floating-rate notes in an underwritten public offering. The REIT expects to use proceeds from the sale to repay outstanding balances on its unsecured revolving credit facility.

“Our job is not about taking complex deals and making them more complex, ” said iStar’s chairman and chief executive officer Jay Sugarman during a recent presentation. “ It is about looking at complex real estate, corporate credit, and capital market transactions and really distilling them down to the essence of the deal and providing a solution where the customer thinks, ‘Yes, that makes sense.’”

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