iStar repurchases $545 million notes from new notes proceeds in Q2

By Tali David

Minneapolis, July 25 - iStar Financial Inc. repurchased the remaining $97 million aggregate principal amount outstanding of its 8 5/8% senior notes due June 1, 2013 using proceeds from new senior notes offerings, the company announced in a press release detailing the company's results for the second quarter ended June 30.

iStar also used proceeds to redeem the remaining $448 million aggregate principal amount outstanding of its 5.95% senior notes due October 2013.

Separately, the company repaid $76.4 million on its February 2013 secured credit facility during the quarter, bringing the remaining balance to $1.6 billion as of June 30.

In addition, the company repaid $52.2 million on the A-1 tranche of its 2012 A-1/A-2 secured credit facility during the quarter, bringing the remaining outstanding balance of the A-1 tranche to $8.1 million. The balance of the A-2 tranche at the end of the quarter was $470 million.

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

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