Star Entertainment Group has confirmed it is in negotiations with Salter Brothers, a property funds management firm, for a $750 million refinancing package. This deal aims to secure the long-term financial stability of the struggling casino operator. The Australian Financial Review initially reported Salter Brothers’ involvement as the financier. Star Entertainment is working towards finalizing the terms of the agreement by March 18.
The company stated that it has entered into an exclusivity and process deed with Salter Brothers Capital regarding the proposed refinancing. While Star Entertainment had previously disclosed a draft commitment letter, fee letter, and a detailed term sheet from an unnamed party, the confirmation of Salter Brothers’ involvement marks a significant step forward. However, Star Entertainment cautions that there is no guarantee a final agreement will be reached.
