The Australian casino operator says the facility will refinance its existing debt and provide additional liquidity to support operations and strategic initiatives.
Australia.- The Star Entertainment Group has signed a binding credit facility agreement with funds associated with WhiteHawk Capital Partners. The US$390m refinancing package is intended to stabilise the company’s financial position and support its ongoing turnaround strategy.
The operator said the new facility will refinance the group’s existing debt in full, replacing its previous A$400m (US$259m) syndicated facility agreement. It carries a three-year term and an annual interest rate based on Term SOFR plus a margin, with the resulting rate said to be materially consistent with prior lending arrangements. Quarterly amortisation payments will begin on March 31, 2027.
The facility includes a series of financial covenants, including minimum liquidity requirements starting at A$50m during the first 12 months after financial close, increasing to A$75m between 12 and 18 months and A$100m thereafter. The Star must maintain a minimum asset coverage ratio of 1.40x and meet a minimum EBITDA covenant from March 2027 onward.
The company said that, after accounting for the required interest reserve funding, the refinancing is expected to provide approximately A$130m (US$84m) in additional liquidity. It said this will support operational requirements as well as the execution of cost-reduction measures and broader strategic initiatives.
Completion of the refinancing was expected to occur today, satisfying conditions tied to a waiver granted by the group’s previous senior lenders in February 2026. The company added that, based on asset valuations conducted prior to the financing, it expects to remain compliant with the required coverage ratio, with the first testing date scheduled for December 31, 2026.
The Australian casino operator says the facility will refinance its existing debt and provide additional liquidity to support operations and strategic initiatives. Australia.- The Star Entertainment Group has signed a binding credit facility agreement with funds associated with WhiteHawk Capital Partners. The US$390m refinancing package is intended to stabilise the company’s financial position and support…
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