S&P gives iStar loan BB-

S&P said it assigned its BB- debt rating to iStar Inc.'s $650 million senior secured term loan due 2023.

This represents an about $275 million upsizing of the existing term loan that it is refinancing.

“The debt issue has no impact on iStar's leverage or ratings because iStar will use the incremental proceeds to repay an equivalent amount of its senior notes due in 2019,” the agency said in a news release.

“We expect iStar's leverage, as measured by debt to adjusted total equity, to remain in line with the current ratings and its level at the end of the first quarter, 5.54x.”

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