- The company today launched an offering of $800M of senior unsecured paper due in 2020 and 2022, and a private offering of $250M of senior convertible notes due 2022.
- Proceeds will be used to pay in full 4% senior notes ($550M in principal) coming due in November, 7.125% senior notes ($300M) maturing in February, 7.88% Series E preferred stock ($140M), and 7.8% Series F preferred stock ($100M).
- The company is also authorized to buy back up to $50M in common stock in private deals with the convertible buyers.
- Noting a materially improved liquidity position, Fitch boosts iStar's (NYSE:STAR +3.8%) IDR rating to BB- from B+. The outlook is cut to stable from positive.