Commercial real-estate lender, IStar Financial, has secured commitments from lenders for a $3 billion loan to avoid restructuring, Bloomberg reports. The company will use the new loan’s proceeds to repay $380 million of senior unsecured bank debt, due in 2011 and $2.6 billion of secured bank, debt due 2011 and 2012. The loan comprises a $1.5 billion A-1 loan, due in June 2013, and another $1.5 billion A-2 debt, due in June 2014. JP Morgan Chase arranged the loan facility. The New York-based company, which deals with $2.7 billion of debt scheduled to mature this year, increased rates on $1.5 billion of the loan and will soon issue portions of it.
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