The company said its board is considering the proposal.
Australia.- The Star Entertainment Group has announced that its has received an AU$650m (US$413.3m) debt financing proposal from funds associated with Oaktree Capital Management. A commitment letter and term sheet set out terms upon which Oaktree would be willing to provide the sum in two debt facilities with a term of 5 years.
The casino operator said its board will consider the proposal but that there is no certainty it will proceed, that the conditions will be satisfied or that the proposal will be implemented. The company said: “If The Star proceeds with the proposal, the company will require additional funding for the period prior to the proposal being implemented.”
According to The Star’s filing, the proposal is subject to “numerous conditions”. These includes: “a comprehensive security package and intercreditor documentation which requires consents from New South Wales and Queensland Governments and regulators, completion of due diligence in relation to specified matters, that the existing SFA lenders enter a settlement and or refinancing agreement on terms satisfactory to Oaktree, the execution of long-form financing documentation and other conditions.”
On February 10, The Star Entertainment Group rejected confidential non-binding offers from Chow Tai Fook Enterprises Limited (CTFE) and Far East Consortium International Limited (FEC) for its 50 per cent stake in Destination Brisbane, which owns The Star Brisbane integrated resort. The casino operator said its board concluded that none of the proposals provided sufficient value for the company.
The company said its board is considering the proposal. Australia.- The Star Entertainment Group has announced that its has received an AU$650m (US$413.3m) debt financing proposal from funds associated with…
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