iStar Financial to sell $175 million three-year convertible notes

By Stephanie N. Rotondo

Phoenix, Nov. 13 - iStar Financial Inc. launched a $175 million offering of convertible senior notes due Nov. 15, 2016 on Wednesday.

The Rule 144A deal will include a $25 million over-allotment option, according to a press release.

Proceeds will be used, along with cash on hand, to redeem $201 million of 5.7% senior notes due March 2014.

The bond offering is being done in conjunction with a repurchase of 1.7 million shares of common stock.

iStar is a New York-based real estate investment trust.

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