iStar Inc. (OTCMKTS:SFICP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry Into a Material Definitive Agreement.
On June28, 2018, iStar Inc. closed on an amendment (the “Term Loan Amendment”) to its Amended and Restated Credit Agreement, dated as of June23, 2016, among iStar, the several banks from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent. to the Term Loan Amendment, the principal balance of the term loan was increased to $650.0 million, the interest rate was reduced to LIBOR plus 2.75%, the maturity date was extended to June2023 and the lenders’ call protection for repricing transactions was reset to run for six months after the effective date of the Term Loan Amendment.
The term loan is collateralized by pledges of equity of certain iStar subsidiaries. The Term Loan Amendment gives iStar flexibility to substitute collateral and reinvest the proceeds of disposed collateral, each subject to certain limitations. In addition, the Term Loan Amendment amends the restricted payments limitations to permit iStar to pay additional dividends under certain conditions.
On June21, 2018, iStar entered into an amendment to the Amended and Restated Credit Agreement, dated as of September27, 2017, governing its revolving credit facility to, among other things, make changes to the restricted payment limitations contained therein that correspond to those made in the Term Loan Amendment.
The foregoing descriptions of the Term Loan Amendment and the amendment to the revolving credit facility do not purport to be complete and are qualified in their entirety by reference to the actual amendments, copies of which are filed as exhibits to this report and are incorporated herein by reference.
The Term Loan Amendment and the amendment to the revolving credit facility and related agreements have been provided solely to inform investors of their terms. The agreements contain representations and warranties by iStar made solely for the benefit of the lenders and other parties under the agreements. The assertions embodied in those representations and warranties are qualified by information that the parties have exchanged in connection with signing the agreements. Moreover, the representations and warranties in the agreements were made as of a specified date, may be subject to a contractual standard of materiality different from what might be viewed as material to shareholders or may have been used for the purpose of allocating risk between the parties. Accordingly, investors are not third-party beneficiaries under the agreements and should not rely on the representations and warranties in the agreements as characterizations of the actual state of facts about iStar at the time they were made or otherwise.
ITEM 9.01 Financial Statements and Exhibits.
