Australia’s The Star Entertainment Group said on Thursday it had signed a binding credit facility agreement with funds associated with WhiteHawk Capital Partners, formally completing the refinancing arrangement first announced in March and securing approximately AU$130 million ($84 million) in additional liquidity.
According to an update to the Australian Stock Exchange, the casino operator said the refinancing will replace its previous AU$400 million ($259 million) syndicated facility agreement and is expected to be completed on May 7th, 2026.
Under the agreement, WhiteHawk will provide a three-year $390 million facility, equivalent to around AU$540 million ($350 million) based on prevailing exchange rates as of May 6th.
The Star said the facility includes an annual interest rate based on Term SOFR plus a margin, with the resulting rate ‘materially consistent’ with the company’s previous credit facility agreements. Quarterly amortization payments will commence from March 31st, 2027.
The agreement also includes a minimum liquidity covenant of AU$50 million ($32 million) for the first 12 months after financial close, increasing to AU$75 million ($49 million) between 12 and 18 months, and AU$100 million ($65 million) thereafter. In addition, the facility contains a minimum asset coverage ratio of 1.40x and a minimum EBITDA covenant commencing from March 31st, 2027.
Following completion of the refinancing and after funding the required interest reserve account, The Star said it expects to retain approximately AU$130 million ($84 million) in additional liquidity to support ‘ongoing operational needs’ and the execution of its cost-out and strategic initiatives.
The company added that completion of the refinancing would satisfy the conditions of the waiver granted by its previous senior lenders on February 27th, 2026, which had been disclosed alongside its first-half FY26 results.
