iStar Financial pricing $250 million three-year notes Tuesday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., May 7 - iStar Financial Inc. plans to hit Tuesday's market with a $250 million offering of senior notes due July 1, 2016 (existing ratings B3/B+), according to a market source and a 424B3 filing with the Securities and Exchange Commission.

An investor call is scheduled for 11 a.m. ET.

BofA Merrill Lynch, Barclays and J.P. Morgan Securities LLC are the joint bookrunners for the SEC-registered deal.

The notes will be non-callable and will feature a 35% equity clawback until April 1, 2016 and a 101% poison put.

Proceeds will be used to redeem the remaining $96.8 million 8 5/8% senior notes due 2013 and $144.6 million 5.95% senior notes due 2013.

The company is a fully integrated finance and investment company focused on the commercial real estate industry.

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