IStar Inc. said lenders committed to reprice its $497 million senior secured credit facility with a $500 million increased balance.
The annual interest rate for the term loan will now be reduced to LIBOR plus 3.75% with a 1.00% floor from a previous rate of LIBOR plus 4.50% with a 1.00% floor. The facility's June 2020 maturity, 1.25x collateral coverage requirement and other terms remain intact.
J.P. Morgan is serving as lead left book runner. J.P. Morgan also joins Barclays and BofA Merrill Lynch as joint lead arrangers and book runners.