iStar announced that it has received commitments from lenders to reprice its $497 million senior secured credit facility and increase the balance to $500 million. The term loan will now bear interest at an annual rate of LIBOR + 3.75% with a 1.00% LIBOR floor, a reduction from the prior rate of LIBOR + 4.50% with a 1.00% LIBOR floor. Call protection for lenders was reset for six months. All other terms of the facility, including its June 2020 maturity and 1.25x required collateral coverage, remain the same.
J.P. Morgan is acting as Lead Left Bookrunner and J.P. Morgan, Barclays and BofA Merrill Lynch are serving as Joint Lead Arrangers and Bookrunners.