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iStar whispers $250 million five-year senior notes with 6¾% yield; pricing Wednesday
By Paul A. Harris
Portland, Ore., March 23 – iStar plans to price $250 million of five-year senior notes on Wednesday, according to a market sources.
Initial guidance has the deal coming with a yield in the 6¾% area, a trader said.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays and Wells Fargo Securities LLC are the joint bookrunners for the public offering.
The notes come with two years of call protection.
The New York-based financial company plans to use the proceeds and cash on hand to repay in full its 3 7/8% senior notes due July of 2016.
iStar is focused on the commercial real estate industry.
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