iStar Launches Offering of $400 Million of Senior Unsecured Notes
iStar (NYSE: STAR) announced the launch of a $400 million offering of Senior Unsecured Notes due 2026, subject to market conditions.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
iStar (NYSE: STAR) announced the launch of a $400 million offering of Senior Unsecured Notes due 2026, subject to market conditions. The proceeds will be used to redeem the same amount of its 5.25% Senior Unsecured Notes due 2022, along with related costs. The offering is managed by major investment banks, including BofA Securities and J.P. Morgan. This press release serves as a preliminary notice and does not constitute a formal offer or solicitation.
Positive
- Launch of $400 million Senior Unsecured Notes due 2026.
- Proceeds aimed at redeeming existing high-interest debt.
Negative
- Redemption of 5.25% Senior Unsecured Notes indicates refinancing due to high-interest obligations.
Details
News Market Reaction – STAR
The recorded move for STAR in the trading session of this news was -2.81%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Aug. 18, 2020 /PRNewswire/ -- iStar (NYSE: STAR) (the "Company") announced today that it has launched an offering, subject to market and other conditions, of
BofA Securities, J.P. Morgan, Barclays, Morgan Stanley, and Goldman Sachs & Co. LLC are the joint book-running managers for the offering. The notes will be issued pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (the "SEC").
This press release does not constitute an offer to sell or the solicitation of an offer to buy the offered notes, nor shall there be any sale of the notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
The redemption of the Company's
The notes will be offered by means of the preliminary prospectus supplement and accompanying prospectus for the offering. Electronic copies of the preliminary prospectus supplement and accompanying prospectus for the offering may be obtained for free by searching the SEC online database (EDGAR) on the SEC website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and accompanying prospectus for the offering may be obtained by contacting the joint book-running managers at the following addresses or telephone numbers:
BofA Securities | J.P. Morgan Securities LLC |
Barclays Capital Inc. | Morgan Stanley & Co. LLC |
Goldman Sachs & Co. LLC |
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SOURCE iStar Inc.
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