iStar repurchases $124.1 million maturing notes, buys back further $96.3 million

By Tali David

Minneapolis, April 27 - iStar Financial Inc. repurchased $124.1 million of unsecured notes due 2012 using proceeds from its new senior secured credit agreement, the company announced in its first quarter results.

Additionally, during the quarter, the company repurchased $96.3 million of senior unsecured notes and repaid the remaining $169.7 million of its 5.15% senior unsecured notes due March 2012.

iStar also used proceeds from the new agreement to pay down its revolving credit facility.

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

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