The Star secures $390M refinancing and additional liquidity agreement with WhiteHawk Capital
Summary
The Star Entertainment Group has entered a binding commitment with WhiteHawk Capital for a $390 million refinancing package and additional liquidity support intended to refinance existing group debt in full and provide working liquidity for operations. The facility is structured over a three-year term with an interest rate plus a margin consistent with The Star’s recent facilities, and includes staged minimum liquidity covenants (AU$50m, then AU$75m, then AU$100m) that strengthen over the first 18 months after close.
Key structural features include quarterly amortisation from 31 March 2028, a minimum asset coverage ratio from 31 December 2026 and a minimum EBITDA covenant from 31 March 2027, alongside customary covenants and reporting requirements. The Star aims to finalise the refinancing by 15 May 2026 to meet conditions set by its existing senior lenders.
The agreement follows prior rescue measures, notably a AU$300 million investment by Bally’s and Investment Holdings last year (giving Bally’s ~38% of issued capital), senior leadership and board changes, cost-cutting moves and efforts to exit the Queen’s Wharf Brisbane JV — an exit dependent on release from a ~AU$700m parent company guarantee. The AUSTRAC enforcement matter and a potential fine remain a material overhang for the group.