iStar STAR revealed that it reached a fresh $450 million senior secured credit facility due July 1, 2020. According to the company, the fresh term loan carries an interest rate of LIBOR plus 4.5% with a 1.0% LIBOR floor and was issued at 99.0% of par.
iStar indicated the proceeds from the new facility would be used to refinance its 2012 Secured Term Loan due March 2017, and partly pay down outstanding borrowings on its Secured Revolving Credit Facility apart from paying related transaction costs.
The company revealed that outstanding borrowings under the fresh facility would be collateralized 1.25x by a pool of assets represented mainly by the same real estate assets, which collateralized the Company's 2012, as well as, 2013 Secured Credit Facilities.
iStar said JPMorgan acted as its Lead Left Bookrunner while J.P. Morgan, Barclays and BofA Merrill Lynch served as Joint Lead Arrangers and Bookrunners.
The stock traded 0.85 percent higher on Thursday.
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