iStar Financial agrees to buy back $109 million of convertible notes

By Ashley Montgomery

Kansas City, Kan., March 20 - iStar Financial Inc. will repurchase $109 million of its convertible notes due October 2012 in a private transaction with an institutional investor, the company said in a news release.

The notes will be repurchased at a discount to par.

The company said it would fund the repurchase with a draw on its $880 million facility.

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

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