It is understood the raising, to be managed by Barrenjoey Capital Partners and launch as early as Monday, will be accompanied by a $450 million debt package.
Star Entertainment was putting the finishing touches to a comprehensive capital restructure on Sunday night, which is expected to include a $750 million equity raising, Street Talk can reveal.
Star’s accounts, released late August, recorded a weak financial performance, and showed a company whose operations were barely bringing in enough cash to pay the bills. The year to June 30 was the worst in Star’s history. The capital refresh is expected to not only eliminate its hefty debtload, but also fund costs associated with Queen’s Wharf in Brisbane, one of Star’s two big development projects currently underway, with the other being Tower 2 in Gold Coast.
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