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HomeNewsAustraliaEmbattled The Star to raise $481 mln in equity

Embattled The Star to raise $481 mln in equity

Australian casino operator Star Entertainment Group is tapping into capital markets for a second time in 2023 as it aims to raise A$750 million ($481 million) as part of a major capital restructuring to strengthen its balance sheet.

According to a Monday filling, the company said it would raise capital at AU$0.60 per share, a 20 percent discount to the final closing price last Friday of AU$0.75.

The Star says it will also take on an AU$450 million ($289 million) of new debt facilities provided by Barclays Bank PLC and Westpac Banking Corporation, comprised of an AU$150 million ($96.4 million) four-year revolving credit facility and an AU$300 million ($193 million) four-year underwritten term loan.

Queen's Wharf Brisbane
Queen’s Wharf Brisbane project

The Star is currently developing the multi-billion-dollar Queen’s Wharf Brisbane project, which is expected to open in April 2024. 

The Star has announced that it has recorded a statutory net loss of some AU$2.44 billion ($1.57 billion) for its financial year, last month, a stark increase from the AU$203 million ($130.6 million) loss registered in the previous year.

AGBrief Editorial
AGBrief Editorialhttps://agbrief.com/about-asia-gaming-brief/
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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