NEW YORK :  iStar Inc. announced it is seeking lender commitments to upsize, reprice and extend its existing senior secured term loan facility. The amended term loan will be collateralized by existing and new collateral. As part of the transaction, the Company expects to extend the term loan’s maturity from October 2021 to June 2023, obtain new asset addition and substitution flexibility within specified parameters, and gain the ability to pay dividends subject to certain conditions and subject to a corresponding amendment of the dividend restrictions in our revolving credit facility. Proceeds from the new facility will be used to repay the $376 million outstanding on the current term loan facility and to redeem a portion of the Company’s $770 million of senior unsecured notes due July 2019.

J.P. Morgan is acting as lead left bookrunner and J.P. Morgan, Barclays, Bank of America Merrill Lynch and Morgan Stanley are serving as joint lead arrangers and bookrunners.