iStar Secures $2.9B Credit Facility

Finance and investment firm,iStar Financial,has secured a senior secured credit facility worth $2.95 billion. The firm has obtained the loan in two tranches, including a $1.5 billion A-1 tranche, due on June 28, 2013 and $1.45 billion A-2 tranche, due to mature on June 30, 2014.

iStar will use the proceeds from the new financing to refinance its existing secured bank facilities due in June 2011 and 2012, to repay a portion of its unsecured debt maturing in 2011 and for other corporate purposes. The joint lead arrangers and joint book-runners for the new financing areJP Morgan Securities,Barclays CapitalandRBS Securities.

Click here for the release fromPR Newswire.