Australia’s Star Entertainment Group said Thursday it has entered into a binding credit facility agreement with funds associated WhiteHawk Capital Partners, effectively locking in refinancing in full of the group’s debt.
This follows the signing of a binding commitment letter between the parties in March.
Under the terms of the credit facility agreement, key features of the refinancing include US$390 million (AU$540 million at current exchange rates) over a three-year term, with annual interest rate “materially consistent” with the interest rate under the company’s previous credit facility agreements.
It also includes quarterly amortization commencing from 31 March 2027, minimum liquidity covenant of AU$50 million (US$36 million) for the first 12 months after financial close, increasing to AU$75 million (US$54 million) between 12 months and 18 months and AU$100 million (US$72 million) thereafter, and minimum asset coverage ratio of 1.40x.
