iStar holders tender $263.07 million of 6% senior notes due 2022

By Marisa Wong

Los Angeles, Dec. 13 – iStar Inc. said holders had tendered a total of $263,068,000, or 70.15%, of its $375 million outstanding 6% senior notes due 2022 as of 5 p.m. ET on Dec. 12, the expiration of its cash tender offer for any and all of the notes.

iStar expects to accept for purchase all of the tendered notes, according to a Friday press release.

The total amount tendered excludes $1,452,000 of notes tendered under guaranteed delivery procedures, which must be delivered by 5 p.m. ET on Dec. 16.

As announced on Dec. 6, iStar will pay $1,032.50 for each $1,000 principal amount of notes, plus accrued interest to but excluding the payment date, which is expected to be Dec. 17.

The offer is conditioned on iStar receiving proceeds of at least $500 million from an offering of new senior notes on or prior to the payment date.

The company priced $550 million of 4¼% senior notes due 2025 that are expected to settle on Dec. 16, as previously reported.

J.P. Morgan Securities LLC (212 834-2042 or 866 834-4666) is the dealer manager for the tender offer.

D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 591-8269 for all others or istar@dfking.com) is the tender agent and information agent.

iStar is a real estate investment trust based in New York.

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