NEW YORK, Feb. 25 /PRNewswire-FirstCall/ -- iStar Financial Inc.
(NYSE: SFI), the leading publicly traded finance company focused on the
commercial real estate industry, and its subsidiary TriNet Corporate Realty
Trust, Inc., announced today the final results of its offer to exchange iStar
Financial Inc. 5.70% Series B Senior Notes due 2014 for any and all of
TriNet's 7.70% Senior Notes due 2017. The exchange offer was launched on
January 25, 2005 and expired at 12:00 Midnight, New York City time, on
February 24, 2005.
A total of $99.953 million aggregate principal amount of existing TriNet
7.70% Senior Notes have been validly submitted and accepted for exchange
corresponding to 99.95% of the total outstanding amount of TriNet Notes. As
previously announced, for each $1,000 principal amount of TriNet Notes, a
tendering holder will receive $1,171.01 principal amount of iStar Notes,
rounded down to the nearest $1,000 principal amount, plus cash for any
residual amount. The settlement date for the issuance of the iStar Notes is
March 1, 2005.
Results of the offering:
* Final aggregate principle amount of the TriNet Notes accepted for
exchange: $99.953 million
* Exchange Spread: 142.5 basis points over 4.25% U.S. Treasury Notes due
November 15, 2014
* Exchange Price of TriNet Notes: $1,184.39, inclusive of $20.00 consent
amount
* New Issue Spread: 125 basis points over 4.25% U.S. Treasury Notes due
November 15, 2014
* New Issue Coupon: 5.70%
* New Issue Price: $1,011.43
* Exchange Ratio: 1.171005
* Settlement Date: March 1, 2005
* Maturity date of New Issue: March 1, 2014
Bear, Stearns & Co. Inc. is acting as dealer manager in connection with
the Exchange Offer and Consent Solicitation. Questions regarding the Exchange
Offer may be directed to Bear, Stearns & Co. Inc., Global Liability Management
Group, at (877) 696-BEAR (2327) (U.S. toll-free).
Copies of offer materials can be obtained from Georgeson Shareholder at 17
State Street, 10th Floor, New York, NY 10004, by telephone at (866) 873-6993.
This announcement is not an offer of iStar Notes or a solicitation of
consents with respect to the TriNet Notes. The exchange offer and consent
solicitation is being made solely by a Prospectus dated February 10, 2005, and
a form of Consent and Letter of Transmittal that accompanied the original
Prospectus dated January 25, 2005.
iStar Financial is the leading publicly traded finance company focused on
the commercial real estate industry. The Company provides custom-tailored
financing to high-end private and corporate owners of real estate nationwide,
including senior and junior mortgage debt, senior and mezzanine corporate
capital, and corporate net lease financing. The Company, which is taxed as a
real estate investment trust, seeks to deliver a strong dividend and superior
risk-adjusted returns on equity to shareholders by providing the highest
quality financing solutions to its customers. Additional information on iStar
Financial is available on the Company's website at
http://www.istarfinancial.com.
SOURCE iStar Financial Inc.
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Related links:
http://www.istarfinancial.com
CONTACT:
Catherine D. Rice, Chief Financial Officer,
or Andrew C. Richardson, Executive Vice President - Capital
Markets, or Andrew G. Backman, Vice President - Investor
Relations, all of iStar Financial Inc., +1-212-930-9400
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