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SFI > SEC Filings for SFI > Form 8-K on 13-Nov-2012All Recent SEC Filings

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Form 8-K for ISTAR FINANCIAL INC


13-Nov-2012

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01. Entry into a Material Definitive Agreement.

On November 7, 2012, iStar Financial Inc., a Maryland corporation (the "Company"), entered into separate underwriting agreements with the several underwriters named therein with respect to the issuance and sale, in concurrent public offerings, of (i) $300 million aggregate principal amount of the Company's 7.125% Senior Notes due 2018 (the "Senior Notes"); and (ii) $200 million aggregate principal amount of the Company's 3.00% Convertible Senior Notes due 2016 (the "Convertible Notes" and together with the Senior Notes, the "Notes") (such amount includes an option exercised in full by the underwriters to purchase an additional $25 million aggregate principal amount of the Convertible Notes). Both transactions were completed on November 13, 2012. The Company intends to use the net proceeds from the issuance and sale of the Notes to redeem the remaining $67 million aggregate principal amount of its 6.5% Senior Notes due 2013 and the remainder of the net proceeds to redeem approximately $405 million aggregate principal amount of its 8.625% Senior Notes due 2013.

The Notes were registered with the Securities and Exchange Commission pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-181470) (as the same may be amended or supplemented, the "Registration Statement"), under the Securities Act of 1933, as amended (the "Securities Act").

The Company made certain customary representations, warranties and covenants concerning the Company and the Registration Statement in the underwriting agreements and also agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

Copies of the underwriting agreements are attached to this Report as Exhibits 1.1 and 1.2 and incorporated herein by reference. The summary set forth above is qualified in its entirety by reference to Exhibits 1.1 and 1.2.



Item 9.01. Financial Statements and Exhibits.

Exhibit No.                                 Description

1.1            Underwriting Agreement, dated November 7, 2012, by and among the
               Company and Merrill Lynch, Pierce, Fenner & Smith Incorporated and the
               other several underwriters named therein, relating to the Senior
               Notes.

1.2            Underwriting Agreement, dated November 7, 2012, by and among the
               Company and Merrill Lynch, Pierce, Fenner & Smith Incorporated and the
               other several underwriters named therein, relating to the Convertible
               Notes.

5.1            Opinion of Clifford Chance US LLP regarding the legality of the Senior
               Notes.

5.2            Opinion of Clifford Chance US LLP regarding the legality of the
               Convertible Notes.

23.1           Consent of Clifford Chance US LLP (included in Exhibit 5.1).

23.2           Consent of Clifford Chance US LLP (included in Exhibit 5.2).


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