iStar Financial pricing $250 million 5.25-year notes Wednesday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Nov. 7 - iStar Financial Inc. plans to sell $250 million of senior notes due Feb. 15, 2018 on Wednesday, according to a market source.

An investor call was scheduled to be held at 11 a.m. ET on Wednesday.

Bank of America Merrill Lynch is the left bookrunner. Barclays and J.P. Morgan Securities LLC are the joint bookrunners.

The Securities and Exchange Commission-registered notes are non-callable and carry a make-whole call at Treasuries plus 50 bps and a 101% poison put.

A portion of the proceeds, along with proceeds from an offering of convertible notes, will be used to redeem the remaining $67 million 6½% senior notes due 2013 and about $263 million 8 5/8% senior notes due 2013.

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

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