NEW YORK, June 2, 2020 /PRNewswire/ -- iStar Inc.
(NYSE: STAR) announced today an adjustment to the conversion rate
of its 3.125% Convertible Senior Notes due 2022 as a result of the
common stock cash dividends to be paid on June 15, 2020.
The conversion price applicable to the outstanding Convertible
Notes has been adjusted to $14.47 per
share (69.1041 shares of iStar common stock per $1,000 principal amount of Notes) from
$14.63 per share (68.3420 shares of
iStar common stock per $1,000
principal amount of Notes) effective May 29,
2020 and subject to further adjustment as provided in the
governing supplemental indenture.
Notice of the conversion rate adjustment has been delivered to
holders of the notes and U.S. Bank National Association, as
trustee, in accordance with the terms of the supplemental
indenture.
* * *
iStar Inc. (NYSE: STAR) is focused on reinventing the ground
lease sector, unlocking value for real estate owners throughout the
country by providing modern, more efficient ground leases on all
types of properties. As the founder, investment manager and largest
shareholder of Safehold Inc. (NYSE: SAFE), the first publicly
traded company to focus on modern ground leases, iStar is helping
create a logical new approach to the way real estate is owned, and
continues to use its historic strengths in finance and net lease to
expand this unique platform. Recognized as a consistent innovator
in the real estate markets, iStar specializes in identifying and
scaling newly discovered opportunities and has completed more than
$40 billion of transactions over the
past two decades. Additional information on iStar is available on
its website at www.istar.com.
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SOURCE iStar Inc.