iStar buys back or redeems $517.2 million of notes in second quarter

By Angela McDaniels

Tacoma, Wash., Aug. 3 - iStar Financial Inc. repurchased $234.9 million principal amount of its senior unsecured notes and redeemed $282.3 million principal amount of its senior secured notes due in 2011 and 2014 during the second quarter, according to the company's earnings release.

The company also repaid a $947.9 million term loan and $290.8 million of other outstanding debt during the quarter, including its 5 3/8% senior unsecured notes due April 2010.

In total, $1.76 billion of debt was retired in the second quarter, and the company recorded a net gain on early extinguishment of debt of $70.1 million.

As of June 30, the company had $531.5 million of unrestricted cash and $8.8 billion of net debt obligations.

iStar is a New York-based finance company focused on the commercial real estate industry.

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