IStar Financial Closes New $1B Secured Term Loan

NEW YORK (AP) — Commercial real estate finance company iStar Financial Inc. said Monday it completed a new $1 billion secured term loan and restructuring of existing unsecured revolving credit facilities.

The first priority credit agreement, set to mature on June 26, 2012, will be used for general purposes, the company said.

IStar also said it entered into second priority credit agreements with the same participating lenders. As of the closing of those agreements, the company had about $2.65 billion of outstanding borrowings under the agreements. Of that amount, $1.06 billion are term loans due June 28, 2011; $590 million are term loans due June 26, 2012; and $1 billion are revolving loans.

Shares of iStar closed at $1.70 on Monday.