Oct. 28, 2009 (PR Newswire) -- NEW YORK, Oct. 28 /PRNewswire-FirstCall/ -- NorthStar Realty Finance Corp. (NYSE: NRF) today announced that it has completed a three year renewal and restructuring of its $374 million credit facility with Wachovia Bank, National Association ("Wachovia"), a subsidiary of Wells Fargo & Company ("Wells Fargo"). Significant components of the renewed credit facility include the following:

    --  The maturity date of the credit facility is extended for 3 years to
October 28, 2012.

    --  The interest rate on the credit facility will be LIBOR plus 350 basis
points.

    --  There are no restrictions on dividends as long as the semi-annual
reductions to the credit facility described below are met.

    --  All margin call provisions have been eliminated as long as the
semi-annual reductions described below are met, with the exception of
potential margin requirements for defaulted assets which would be
credited to the semi-annual reductions.

    --  The corporate fixed charge and recourse debt covenants in the credit
facility have been eliminated.

    --  The credit facility provides for $300 million of additional borrowing
capacity as the amount outstanding under the credit facility is reduced
below $300 million, on a dollar-for-dollar basis.

    --  The credit facility requires $15 million of semi-annual reductions over
the three year term.

    --  The Company repaid $52.5 million of the credit facility as part of the
renewal and guaranteed the remaining amount outstanding.  Following the
repayment, the Company's unrestricted cash balance is over $100 million.

    --  The Company issued Wachovia 1 million warrants at a weighted average
strike price of $8.59 per share.