{"id":777009619,"date":"2023-09-26T07:32:28","date_gmt":"2023-09-26T10:32:28","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777009619"},"modified":"2026-04-22T17:45:11","modified_gmt":"2026-04-22T20:45:11","slug":"the-star-announces-capital-structure-initiatives","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/the-star-announces-capital-structure-initiatives","title":{"rendered":"The Star announces capital structure initiatives"},"content":{"rendered":"\n

The company aims to raise AU$1.2bn through a mix of equity and debt.<\/p>\n\n\n\n\n\n\n\n

Australia.- The Star Entertainment Group<\/strong> has announced through a company filing a series of capital structure initiatives aimed at improving its funding arrangements.\u00a0The strategy includes an equity raise of AU$750m<\/strong>, comprising an AU$589m 1 for 1.65 pro rata accelerated non-renounceable entitlement offer and an AU$161m institutional placement.<\/p>\n\n\n\n

It has also arranged new debt facilities totalling AU$450m <\/strong>provided by Barclays Bank and Westpac Banking Corporation. These comprise an AU$150m four-year revolving credit facility and an AU$300m four-year underwritten term loan.<\/p>\n\n\n\n

The company said it evaluated a range of funding and asset sale alternatives, including property monetisation, equity, equity-linked financing, subordinated debt, and larger non-bank lenders. This announcement marks the culmination of the process. The company believes it will have more financial flexibility to address known and expected liabilities in the medium term, as well as be able to finance business operations and joint venture contributions.<\/p>\n\n\n\n

Chief executive officer and managing director\u00a0Robbie Cooke<\/strong>\u00a0said: \u201cToday\u2019s announcement is a key milestone in the renewal of The Star.\u00a0With an optimised capital structure, strengthened balance sheet and enhanced flexibility, we have a strong platform from which to deliver on our renewal program and strategic priorities.\u201d\u00a0<\/p>\n\n\n\n

In its financial results for the fiscal year 2023<\/a>, The Star Entertainment Group reported that its net loss grew from AU$203m in the prior year to AU$2.44bn (US$1.57bn). The company reported a 22 per cent year-on-year increase in gross revenue to AU$1.86bn (US$1.20bn) and a 34 per cent increase in EBITDA to AU$317m (US$204m).<\/p>\n","protected":false},"excerpt":{"rendered":"

The company aims to raise AU$1.2bn through a mix of equity and debt.<\/p>\n","protected":false},"author":176,"featured_media":26456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Star Entertainment Group has announced a AU$1.2bn capital structure initiative, comprising a AU$750m equity raise and AU$450m in new debt facilities from Barclays Bank and Westpac. This strategic recapitalization aims to bolster financial flexibility, address known and anticipated liabilities, and secure funding for ongoing business operations and joint venture contributions, following a reported AU$2.44bn net loss in FY23.","focusai_entities":"The Star Entertainment Group, Barclays Bank, Westpac Banking Corporation, Robbie Cooke","focusai_location":"Australia","focusai_target_profile":"ceo_executive (1.0), regulator (0.8), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Capital Allocation Strategy","query":"How will the AU$1.2bn capital injection be specifically allocated across remediation efforts, operational enhancements, and joint venture contributions to maximize shareholder value and mitigate enterprise risk?"},{"label":"Debt Facility Covenants","query":"What are the key financial covenants and conditions attached to the new AU$450m debt facilities, and what implications do they have for The Star's future operational flexibility and strategic maneuvers?"}],"footnotes":""},"categories":[16336,157],"tags":[23871],"class_list":["post-777009619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-the-star-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777009619"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009619\/revisions"}],"predecessor-version":[{"id":777041259,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009619\/revisions\/777041259"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26456"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777009619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777009619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777009619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}