Star shares surge on debt facility draw down
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The news: Shares in The Star Entertainment Group surged, making it the best performer across the ASX 200 during afternoon trade, after it confirmed that it had satisfied conditions to draw down on its new debt facility.
The numbers: Star's shares were 9.52% higher at $0.23 at 2:45pm AEDT. Over the last 12 months, they're down 58.2%.
The context: The casino operator said it was now able to draw down the first of two $100 million tranches and the funds are expected to be received by 9 December.
Under the terms, the proceeds from the sale of its Treasury Casino must be placed into escrow. This will result in a net increase in cash for the company of about $37.1 million after fees.
What they said: “The parties are working together towards satisfaction of the conditions precedent for the company to draw down the second tranche, with an availability period up to 9 April 2025,” Star said in an announcement.
The source: ASX announcement
