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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| ITEM 1.01 | Entry into a Material Definitive Agreement. |
| ITEM 2.03 | Creation of a Direct Financial Obligation. |
On November 29, 2019, iStar Inc. (the “Company”) issued $100.0 million aggregate principal amount of the Company’s 4.75% Senior Notes due 2024 (the “Notes”). The Notes were issued pursuant to a base indenture, dated as of February 5, 2001 (the “Base Indenture”), as amended and supplemented by a supplemental indenture with respect to the Notes, dated as of September 16, 2019 (as supplemented, the “Indenture”), between the Company and U.S. Bank National Association (the “Trustee”). The Notes were issued as additional notes of, and form a single series of securities with, the Company's outstanding $675 million aggregate principal amount of 4.75% Senior Notes due 2024, issued on September 16, 2019. The Notes are unsecured, senior obligations of the Company and rank equally in right of payment with all of the Company’s existing and future unsecured, unsubordinated indebtedness. The Company will use the net proceeds from the sale of the Notes for general corporate purposes.
The Notes were issued at 102.0% of their principal amount. The Notes bear interest at an annual rate of 4.75% and mature on October 1, 2024. The Company will pay interest on the Notes on each April 1 and October 1, commencing on April 1, 2020. Purchasers of the Notes have paid accrued interest on the Notes of $963,194.44 in the aggregate from September 16, 2019 up to, but not including, the date of delivery of the Notes. On April 1, 2020, the next interest payment date, the Company will pay this pre-issuance interest to such purchasers of the Notes.
Prior to July 1, 2024 (three months prior to the maturity date), the Company may redeem some or all of the Notes at any time and from time to time at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium and accrued but unpaid interest, if any, to, but excluding, the date of redemption. On or after July 1, 2024 (three months prior to the maturity date), the Company may redeem some or all of the Notes at any time and from time to time at 100% of the principal amount thereof, plus accrued but unpaid interest, if any, to, but excluding, the date of redemption. In addition, prior to October 1, 2021, the Company may redeem up to 35% of the Notes using the proceeds of certain equity offerings at a redemption price equal to 104.75% of the principal amount of the Notes redeemed, plus accrued but unpaid interest, if any, to, but excluding, the date of redemption.
Upon the occurrence of a Change of Control Triggering Event (as defined in the Indenture), each holder of the Notes has the right to require the Company to purchase all or a portion of such holder’s Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued but unpaid interest, if any, to, but excluding, the date of redemption.
A copy of the underwriting agreement relating to the Notes is attached hereto as Exhibit 1.1 and is incorporated by reference herein. The Base Indenture has been previously incorporated by reference as an exhibit to the Company’s Form S-3 filed on September 6, 2017. The supplemental indenture and the form of global note have been previously incorporated by reference as exhibits to the Company's Form 8-K filed on September 16, 2019. For a complete description of the Notes, please see the full text of the Indenture and global note.
| ITEM 9.01 | Financial Statements and Exhibits. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| iStar Inc. | |||
| Date: | November 29, 2019 | By: | /s/ JAY SUGARMAN |
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Jay Sugarman Chairman of the Board of Directors and Chief Executive Officer (principal executive officer) |
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