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NorthStar Realty Finance Corp. Announces Expiration And Final Results Of Exchange Offer For NorthStar Realty Finance Limited Partnership's 7.50% Exchangeable Senior Notes

NEW YORK, March 28, 2014 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) (the "Company") announced today the expiration and final results of the Company's previously announced offer to exchange (the "Exchange Offer") newly issued 3.00% Senior Notes due 2014 (the "New Notes") of the Company for any and all outstanding 7.50% Exchangeable Senior Notes due 2031 (the "7.50% Exchangeable Notes") of NorthStar Realty Finance Limited Partnership, the Company's operating partnership.

The Exchange Offer expired on March 27, 2014 at 11:59 p.m., New York City time. As of the expiration of the Exchange Offer, $172.5 million in aggregate principal amount of 7.50% Exchangeable Notes, representing 100% of the aggregate outstanding principal amount of 7.50% Exchangeable Notes, were validly tendered and not properly withdrawn. The Company has accepted for exchange all the 7.50% Exchangeable Notes that were validly tendered and not properly withdrawn. Immediately following the settlement of the New Notes and the cancellation of the validly tendered and accepted 7.50% Exchangeable Notes, which is expected to occur on March 31, 2014, none of the 7.50% Exchangeable Notes will remain outstanding.

As previously announced by the Company, the final exchange consideration per $1,000 principal amount of 7.50% Exchangeable Notes is $2,789.21 of New Notes. The amount of New Notes issued will be subject to rounding as described in the Company's prospectus, dated March 25, 2014, relating to the Exchange Offer (the "Prospectus").  In addition, holders will receive, in respect of their 7.50% Exchangeable Notes that are accepted for exchange, accrued and unpaid interest to, but not including, the settlement date for the New Notes, which is expected to be March 31, 2014. 

This press release shall not constitute an offer to sell or exchange or the solicitation of an offer to buy or exchange nor shall there be any sale or exchange of the New Notes in any state or other jurisdiction in which such an offer, solicitation, sale, exchange or purchase would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

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