Star Entertainment reaches refinancing agreement with WhiteHawk

The news: Casino operator Star Entertainment said it has reached an agreement for a non-binding term sheet with US private credit investment manager WhiteHawk Capital Partners for the proposed refinancing of its debt.

The context: The Star said the proposal provides refinancing of its existing debt and incremental liquidity to facility the group’s turnaround plan.

The parties are working towards a binding commitment by the end of March, and to complete the refinancing proposal by mid-May.

The Star is separately engaging with its existing lenders on covenant waivers for the December period to allow time for the refinancing to be implemented.