iStar Inc. is arranging a $450 million senior secured term loan facility to reprice and partially repay its existing $497 million senior secured credit facility.

The company said it has engaged J.P. Morgan, Barclays Capital and Bank of America Merrill Lynch to arrange the facility, which will be collateralized by the same pool with a similar 1.25x collateral coverage and the same maturity date as the existing facility.

J.P. Morgan is the lead left book runner, and J.P. Morgan, Barclays and BofA Merrill Lynch are serving as the joint lead arrangers and book runners.