This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

IStar Financial Announces Pricing Of Series J Cumulative Convertible Perpetual Preferred Stock

NEW YORK, March 12, 2013 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) announced today that it has priced an offering of 3,500,000 shares, or $175 million aggregate liquidation preference, of its 4.5% Series J Cumulative Convertible Perpetual Preferred Stock ("Series J Convertible Preferred Stock"). The underwriters have the option to purchase up to 500,000 additional shares, or $25 million aggregate liquidation preference, of Series J Convertible Preferred Stock. The Company intends to use the net proceeds of the offering for new investment activities and general corporate purposes.

The annual dividend on each share of Series J Convertible Preferred Stock is $2.25 and is payable when, as and if authorized by the Company's Board of Directors and declared by the Company, quarterly in cash on each March 15, June 15, September 15 and December 15, commencing on June 15, 2013. Each share of the Series J Convertible Preferred Stock has a liquidation preference of $50.00 per share and is initially convertible into 3.9087 shares of common stock (equal to an initial conversion price of approximately $12.79 per share). This represents an approximately 20% conversion premium based on the last reported sale price of $10.66 per share of the Company's common stock on the New York Stock Exchange on March 12, 2013.

Barclays Capital Inc., BofA Merrill Lynch, and J.P. Morgan are the joint book-running managers for the offering.  The Series J Convertible Preferred Stock 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 the offered securities, nor shall there be any sale of the securities 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. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 -1.04%
FB $118.06 0.54%
GOOG $695.70 0.48%
TSLA $222.56 -4.20%
YHOO $36.00 -0.03%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs