It’s showtime for the sequel to The Star Entertainment Group’s February recapitalisation.
The offer price was a 20 per cent discount to Star’s 75¢ last traded price. It is also substantiallyat which Star last tapped equity capital markets for $800 million in February.
The latest equity raise is split into a $161 million placement and a $589 million rights issue. The latter was on a one-for-1.65 pro rata accelerated non-renounceable entitlement offer.Star has also secured a $450 million debt package backed by Westpac and Barclays. Together, the equity and debt package would eliminate Star’s existing loans, which were part bank debt/part US private placement bonds. It would also bankroll Star’s costs at Queen’s Wharf in Brisbane.
It comes after harrowing full-year results, where Star posted a $2.44 billion loss, mostly thanks to the $2.17 billion written off the value of its casinos. It had only $43.8 million in cash flow from operating activities, down from $176.2 million in the much quieter 2022 fiscal year. Key financials were all by far the worst since Star was spun out of Tabcorp and listed on the ASX in June 2011.
has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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