New Issue: iStar prices $100 million add-on to 4¾% senior notes due 2024 at 102 to yield 4.289%

By Paul A. Harris

Portland, Ore., Nov. 26 – iStar priced a $100 million add-on to its 4¾% senior notes due Oct. 1, 2024 (Ba3/BB-) at 102 to yield 4.289% in a quick-to-market public sale on Tuesday, according to market sources.

The reoffer price came at the rich end of the 101.5 to 102 price talk.

J.P. Morgan Securities LLC, BofA Securities Inc., Barclays, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC were the joint bookrunners.

The New York City-based real estate investment trust plans to use the proceeds for general corporate purposes.

Issuer:	iStar
Amount:	$100 million
Maturity:	Oct. 1, 2024
Security description:	Add-on to 4¾% senior notes due Oct. 1, 2024
Bookrunners:	J.P. Morgan Securities LLC, BofA Securities Inc., Barclays, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC
Co-managers:	Raymond James & Associates Inc., Citigroup Global Markets Inc. and Mizuho Securities USA Inc.
Coupon:	4¾%
Price:	102
Yield:	4.289%
Spread:	268 bps
Call protection:	Make-whole call at Treasuries plus 50 bps before July 1, 2024; thereafter at par
Trade date:	Nov. 26
Settlement date:	Nov. 29 with accrued interest
Ratings:	Moody's: Ba3
	S&P: BB-
Distribution:	SEC registered
Price talk:	101.5 to 102
Marketing:	Quick to market
Original issue:	$675 million priced in September 2019
Fungibility:	The add-on notes will become fungible with the existing notes
Total issue size:	$775 million

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