iStar Financial Seeks $3B Facility

iStar Financialis seeking to raise a total of about $3 billion in a new senior secured credit facility. The company may divide the proposed new credit facilities into different tranches with differing interest rates and maturity dates.

The proceeds from the loan will be used to refinance iStar’s secured loan facilities due to mature in June 2011 and 2012 and to repay a portion of its unsecured debt maturing in 2011. iStar has appointedJP Morganto arrange the loan amount.

Click here for the release fromPR Newswire.