Star Entertainment strikes binding refinancing deal with WhiteHawk
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The news: Embattled casino operator Star Entertainment has executed a binding refinancing commitment with US private credit investment manager WhiteHawk Capital Partners for the proposed refinancing of its debt.
The numbers: The three-year, $550 million commitment includes a minimum liquidity covenant of $50 million for the first 12 months, increasing to $75 million between 12 months and 18 months, and $100 million for the rest of the period.
The agreement also includes a minimum asset coverage ratio from 31 December 2026 and a minimum EBITDA covenant from 31 March 2027.
The Star said it is working “expeditiously” to complete the refinancing by no later than 15 May.
The source: ASX
