Simpson Thacher Represents Underwriters, Initial Purchasers and Arrangers in Major Refinancing by iStar
09.28.17
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Simpson Thacher recently represented the underwriters and initial purchasers in connection with the issuance by iStar Inc. of $400 million aggregate principal amount of its 4.625% Senior Notes due 2020 and $400 million aggregate principal amount of its 5.25% Senior Notes due 2022 in a registered offering and $250 million aggregate principal amount of its 3.125% Convertible Senior Notes due 2022 in a separate private offering. In addition, the Firm represented the arrangers in connection with the amendment and extension of iStar Inc.’s term loan facility and an amendment to iStar Inc.’s revolving credit facility to increase the size of the facility and to extend its maturity. iStar Inc. used the net proceeds from the offerings and cash on hand to redeem and repay three series of its outstanding debt securities and two series of its preferred stock, to reduce the outstanding borrowings under its term loan facility and pay related fees and expenses. In connection with the offering of its 3.125% Convertible Senior Notes due 2022, iStar Inc. also repurchased approximately 4 million shares of its common stock using cash on hand.
iStar Inc. finances, invests in and develops real estate and real estate related projects as part of its fully integrated investment platform. The company has invested more than $35 billion over the past two decades and is structured as a real estate investment trust (“REIT”) with a diversified portfolio focused on larger assets located in major U.S. metropolitan markets. The company's four primary business segments are real estate finance, net lease, operating properties and land and development.
The Simpson Thacher team included John D. Lobrano, Patrick Baron and Lily Picón (Capital Markets); Soogy Lee, Randi Lynn Veenstra and Steve LoCascio (Banking and Credit); Jonathan Cantor and John Torrenti (Tax); Larry Moss, Jeanne Annarumma and Monisha Bhayana (ECEB); and Andrew Pagliughi (FINRA and Blue Sky).