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.

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.

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