March 30 (Reuters) – Australia’s Star Entertainment said on Monday it had secured a binding commitment for $390 million in refinancing with funds associated with private credit investment manager WhiteHawk Capital Partners as the firm moves to refinance its existing debt.
The casino operator said the three-year facility will fully refinance its existing group debt and deliver incremental liquidity to support ordinary course operations.
The refinancing remains subject to a number of conditions customary for a financing of this nature, including the execution of long‑form finance documentation, receipt of required regulatory approvals and others.
The company added it was working to complete the refinancing by no later than May 15, in order to satisfy the conditions of a waiver granted by its existing senior lenders on February 27.
The announcement comes on the heels of Star saying in late February that it had reached an in-principle agreement with WhiteHawk on a potential refinancing.
At its first-half results on February 27, Star also said it had secured a waiver of the December 31, 2025, financial compliances under its loan facility agreement.
Under the terms of the waiver, Star was required to deliver a refinancing commitment letter by March 31, and execute a refinancing of the loan facility agreement by May 15, to avoid a default.
(Reporting by Rajasik Mukherjee; editing by Jonathan Oatis)
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