iStar Financial announced it is launching a refinancing of its $1.82 billion senior secured credit facility. The current outstanding amount of the facility is approximately $1.71 billion as a result of approximately $108 million of repayments on the underlying collateral.

iStar said 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.

Under the proposed refinancing, all of the terms of the existing credit facility would remain the same, except that the pricing terms would be changed to reflect more favorable current market pricing and the call protection period for lenders would be extended from October 15, 2013 to December 31, 2013.

In connection with the refinancing, the company said it would pay lenders a prepayment fee of 1.0% of the outstanding facility amount. The proposed refinancing is subject to market conditions.