By Paul A. Harris
St. Louis, March 25 - iStar Financial Inc. sold $250 million of seven-year notes (Ba1/BB+) Thursday at 99.825 with a 5 1/8% coupon to yield 5.155% in a quick-to-market transaction, a syndicate source said.
The notes priced at a spread of 195 basis points over Treasuries. Price talk was Treasuries plus 195 to 200 basis points.
JP Morgan ran the books on the Rule 144A issue. Goldman Sachs was joint lead manager.
Proceeds will be used to repay secured debt.
The issuer is a New York City-based finance company focused on the commercial real estate market.
| Issuer: | iStar Financial Inc.
|
| Amount: | $250 million
|
| Maturity: | April 1, 2011
|
| Security description: | Senior notes
|
| Bookrunner: | JP Morgan
|
| Joint lead manager: | Goldman Sachs
|
| Coupon: | 5 1/8%
|
| Price: | 99.825
|
| Yield: | 5.155%
|
| Spread: | 195 basis points
|
| Call: | Treasuries plus 50 basis points make-whole call
|
| Pricing date: | March 25
|
| Settlement date: | March 30
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Price talk: | Treasuries plus 195-200 basis points
|
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