IStar Inc. Announces Issue of $400.0 Million Aggregate Principal Amount of the 5.500% Senior Notes Due 2026
September 01, 2020 at 09:26 pm
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On September 1, 2020, iStar Inc. issued $400.0 million aggregate principal amount of the Company’s 5.500% Senior Notes due 2026 (the Notes). The Notes were issued pursuant to a base indenture, dated as of February 5, 2001 (the Base Indenture), as amended and supplemented by a supplemental indenture with respect to the Notes, dated as of September 1, 2020 (as supplemented, the Indenture), between the Company and U.S. Bank National Association (the Trustee). The Notes are unsecured, senior obligations of the Company and rank equally in right of payment with all of the Company’s existing and future unsecured, unsubordinated indebtedness. The Company will use the net proceeds from the sale of the Notes, together with cash on hand, to redeem the $400.0 million aggregate principal amount outstanding of its 5.250% Senior Notes due 2022 and to pay related premiums, fees and expenses. The Notes were issued at 100% of their principal amount. The Notes bear interest at an annual rate of 5.500% and mature on February 15, 2026. The Company will pay interest on the Notes on each February 15 and August 15, commencing on February 15, 2021. Prior to August 15, 2022, the Company may redeem some or all of the Notes at any time and from time to time at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium and accrued but unpaid interest, if any, to, but excluding, the date of redemption. On or after August 15, 2022, the Company may redeem some or all of the Notes at the prices and as described in the Indenture. In addition, prior to August 15, 2022, the Company may redeem up to 35% of the Notes using the proceeds of certain equity offerings at a redemption price equal to 105.500% of the principal amount of the Notes redeemed, plus accrued but unpaid interest, if any, to, but excluding, the date of redemption.
Safehold Inc. is a real estate investment trust (REIT). The Company helps owners of multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties to generate higher returns. The Company operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. Its primary investment objective is to construct a diversified portfolio of Ground Leases that is focused on generating attractive quality risk-adjusted returns and support stable and growing distributions to its shareholders. The Companyâs portfolio is comprised of Ground Leases and one master lease (relating to five hotel assets that is Companyâs Park Hotels Portfolio). Its portfolio of properties is located across Manhattan; Washington, District of Columbia (DC); Boston; Los Angeles; San Francisco; Denver; Honolulu; Nashville; Miami and Atlanta.