iStar Financial announced that it received commitments from lenders to reprice its $1.82 billion senior secured credit facility due October 2017.
J.P. Morgan acted as lead left bookrunner and J.P. Morgan, Barclays and BofA Merrill Lynch served as joint lead arrangers and bookrunners.
The term loan will now bear interest at an annual rate of LIBOR +3.5% with a 1% LIBOR floor, a reduction from the prior rate of LIBOR +4.5% with a 1.25% LIBOR floor.
In connection with the repricing, the company will pay lenders a prepayment fee of 1% of the approximately $1.71 billion outstanding on the facility at repricing. Call protection for lenders was extended from October 15, 2013 to December 31, 2013. All other terms of the credit facility remained the same.
iStar Financial is a finance and investment company focused on the commercial real estate industry.
Previously on abfjournal.com: