This Day On The Street
Continue to site
ADVERTISEMENT
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 Announces Pricing Of Convertible Senior Notes And Concurrent Share Repurchase

NEW YORK, Nov. 13, 2013 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) announced today that it has agreed to sell $175 million aggregate principal amount of 1.50% Convertible Senior Notes due November 15, 2016. The Company has also granted the initial purchasers a 30-day option to purchase up to an additional $25 million aggregate principal amount of the notes on the same terms and conditions.  The Company intends to use the net proceeds of the offering, along with available cash on hand, to redeem its $201 million aggregate principal amount of 5.70% unsecured Senior Notes due March 2014. In addition, the Company agreed to repurchase approximately 1.7 million shares of its common stock with cash on hand, concurrent with the offering of the notes, in privately negotiated transactions with purchasers of the notes. The sale is expected to close on November 19, 2013, subject to customary closing conditions.

The notes will bear interest at a fixed rate of 1.50% per year, payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2014. The notes will be convertible into shares of iStar's common stock, based on an initial conversion rate of 57.8369 shares of iStar's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of $17.29 per share of common stock and represents a premium of 40% above the last reported sale price of iStar's common stock on the New York Stock Exchange on November 13, 2013 of $12.35 per share. The conversion rate and conversion price are subject to adjustment in certain events, such as distributions of dividends or stock splits.

This communication does not constitute an offer to purchase or sell any securities, nor does it constitute the solicitation of an offer to purchase or sell any securities. This communication also shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The notes are being offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The notes and the shares of iStar common stock issuable upon conversion of the notes will not be registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States except pursuant to an applicable exemption from registration requirements of the Securities Act and applicable state securities laws.

#  #  #

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs