The Star enters exclusivity deed on $940m refinancing with Salter Brothers
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The news: Embattled casino operator Star Entertainment has confirmed that it has entered into an exclusivity and process deed with property funds manager Salter Brothers Capital, which could lead to a refinancing of all its existing debt.
The numbers: The Star said on Friday that it had received a debt refinancing proposal from an unnamed "potential lender" to the group, providing total debt capacity of up to $940 million.
The context: The casino operator has confirmed that the proposal was made by Sydney-based Salter Brothers, and that if finalised, it would provide the company will sufficient liquidity to refinance all of the group's existing debt.
The agreement comes after The Star confirmed it had received an unsolicited, non-binding proposal for additional funding from US casino giant Bally’s Corporation on Monday.
Last week, Hong Kong-based conglomerates Chow Tai Fook Enterprises and Far East Consortium also confirmed they had reached a $53 million deal with The Star, which will see the casino operator exit ownership its part-owned Queen's Wharf Brisbane project.
Shares in the casino operator have been suspended since 3 March after the company failed to lodge its half-year report before the market's deadline.
The source: ASX
