Issuer Free Writing Prospectus

Filed pursuant to Rule 433

Registration No. 333-198576

 

March 23, 2016

 

iStar Inc.

Pricing Term Sheet

 

$275,000,000 6.50% Senior Notes due 2021

 

This pricing term sheet is qualified in its entirety by reference to the Issuer’s preliminary prospectus supplement dated March 23, 2016 and the accompanying prospectus (together, the “Preliminary Prospectus”). The information in this pricing term sheet supplements the Preliminary Prospectus and updates and supersedes the information in the Preliminary Prospectus to the extent it is inconsistent with the information in the Preliminary Prospectus. Capitalized terms used and not defined herein have the meanings assigned to them in the Preliminary Prospectus.

 

6.50% Senior Notes due 2021

 

Issuer:

 

iStar Inc.

 

 

 

Title of Security:

 

6.50% Senior Notes due 2021

 

 

 

Ranking:

 

Senior unsecured notes

 

 

 

Size:

 

$275,000,000

 

 

 

Gross proceeds:

 

$275,000,000

 

 

 

Net proceeds (before expenses):

 

$271,562,500

 

 

 

Maturity:

 

July 1, 2021

 

 

 

Coupon:

 

6.50%

 

 

 

Public offering price:

 

100.000%, plus accrued and unpaid interest from March 29, 2016

 

 

 

Yield to maturity:

 

6.50%

 

 

 

Spread to Benchmark Treasury:

 

+514 basis points

 

 

 

Benchmark Treasury:

 

UST 1.125% due 2/28/2021

 

 

 

Interest Payment Dates:

 

Semi-annually on January 1 and July 1, commencing July 1, 2016

 

 

 

Record Dates:

 

December 15 and June 15

 

 

 

Equity Clawback:

 

Up to 35% at 106.5% prior to July 1, 2018

 

 

 

Optional Redemption:

 

Make-whole call @ T+50 bps prior to July 1, 2018

 

 

 

 

 

On or after:

 

Price:

 

 

 

 

July 1, 2018

 

103.250

%

 

 

 

July 1, 2019

 

101.625

%

 

 

 

July 1, 2020 and thereafter

 

100.000

%

 

 


 

Change of Control Triggering Event:

 

If a Change of Control Triggering Event occurs, each holder will have the right to require that the company purchase all or a portion of such holder’s Notes at a purchase price equal to 101% of the principal amount of such notes plus accrued and unpaid interest to, but excluding, the date of repurchase.

 

 

 

Trade Date:

 

March 23, 2016

 

 

 

Settlement Date:

 

T+3; March 29, 2016

 

 

 

Distribution:

 

SEC registered

 

 

 

CUSIP:

 

45031U BY6

 

 

 

ISIN:

 

US45031UBY64

 

 

 

Denominations/Multiple:

 

$2,000 x $1,000

 

 

 

Joint Bookrunners:

 

J.P. Morgan Securities LLC

 

 

Barclays Capital Inc.

 

 

Merrill Lynch, Pierce, Fenner & Smith

 

 

Incorporated

 

 

Wells Fargo Securities, LLC

 

 

 

Use of Proceeds:

 

The company will use the net proceeds from the offering to redeem and repay in full the approximately $265 million aggregate principal amount outstanding of its 3.875% Senior Notes due July 2016, repay a portion of the indebtedness outstanding under the 2015 Revolving Credit Agreement and pay related expenses

 

 

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling:

 

J.P. Morgan Securities LLC

 

1-800-245-8812 (toll free)

 

 

 

Barclays Capital Inc.

 

1-888-603-5847 (toll free)

 

 

 

BofA Merrill Lynch

 

1-800-294-1322 (toll free)

 

 

 

Wells Fargo Securities, LLC

 

1-800-645-3751 (toll free)

 

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.

 

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