Star Entertainment, the embattled operator of casinos in Sydney, Brisbane and the Gold Coast, is raising $750 million at a significant discount but says it will not proceed with the sale of any of its assets.
The company has also secured $450 million in new debt facilities from Barclays and Westpac as part of a refinancing process. Stars chief executive, Robbie Cooke, said it was a key milestone in the companys renewal.
The Australian Financial Reviews Street Talk column first flagged the deal on Sunday. It followed an extensive strategic review undertaken by Barrenjoey Capital Partners after Star was buffeted by intense regulatory scrutiny and hundreds of millions of dollars in penalties for breac…
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