iStar Launches Concurrent Offerings of Unsecured Senior Notes and Convertible Senior Notes

NEW YORK, Nov. 7, 2012 /PRNewswire/ -- iStar Financial Inc. SFI announced today that it has launched concurrent offerings, subject to market and other conditions, of $250 million of unsecured Senior Notes due 2018 and $100 million of unsecured Convertible Senior Notes due 2016, plus up to an additional $15 million of Convertible Senior Notes if the underwriters exercise their option to purchase additional notes in full.  The Company intends to use the net proceeds of the offerings to redeem its $67 million aggregate principal amount of 6.5% unsecured Senior Notes due 2013 and the remainder of the net proceeds to redeem a portion of its 8.625% unsecured Senior Notes due 2013.  Neither the completion of the Senior Notes offering nor the Convertible Senior Notes offering is contingent on the completion of the other offering.

BofA Merrill Lynch, Barclays and J.P. Morgan are the joint book-running managers for each offering.  The notes will be issued pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the offered notes, nor shall there be any sale of the notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. 

The notes in each offering will be offered by means of the preliminary prospectus supplement and accompanying prospectus for such offering. Electronic copies of the preliminary prospectus supplement and accompanying prospectus for each offering may be obtained for free by searching the SEC online database (EDGAR) on the SEC website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and accompanying prospectus for each offering may be obtained by contacting the joint book-running managers at the following addresses or telephone numbers:

BofA Merrill Lynch      
222 Broadway
New York, New York 10038
Attn: Prospectus Department
dg.prospectus_requests@baml.com

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
barclaysprospectus@broadridge.com
1-888-603-5847 (toll free)

J.P. Morgan (Senior Notes)
383 Madison Avenue, 3rd Floor
New York, New York 10179
Attention: Syndicate Desk
1-800-245-8812 (toll free)

J.P. Morgan (Convertible Senior Notes)
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
1-866-803-9204 (toll free)

SOURCE iStar Financial Inc.