By Paul A. Harris
St. Louis, Jan. 15 - iStar Financial Inc. priced a massively upsized quick-to-market $350 million of five-year senior notes (Ba1/BB+) Thursday at 99.892 with a 4 7/8% coupon to yield 4.9%, or 195 basis points over Treasuries, market sources said.
The issue, which matures Jan. 15, 2009, was increased from a planned $200 million.
Price talk was 190 to 200 basis points over Treasuries.
Deutsche Bank Securities and Banc of America Securities were the bookrunners for the Rule 144A transaction. The co-managers were JP Morgan, Goldman Sachs and Lehman Brothers.
The New York City-based real estate finance company plans to use proceeds to repay debt.
| Issuer: | iStar Financial Inc.
|
| Amount: | $350 million (increased from $200 million)
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| Maturity: | Jan. 15, 2009
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| Security description: | Senior notes
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| Bookrunners: | Deutsche Bank Securities, Banc of America Securities
|
| Co-managers: | JP Morgan, Goldman Sachs, Lehman Brothers
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| Coupon: | 4 7/8%
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| Price: | 99.892
|
| Yield: | 4.90%
|
| Spread: | 195 basis points
|
| Calls: | Make-whole call at T+50
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| Pricing date: | Jan. 15
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| Settlement date: | Jan. 23
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Price talk: | Plus 190-200 basis points spread
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