-- Star Entertainment Group (ASX:SGR) said it has entered into a binding credit facility agreement with funds associated with WhiteHawk Capital Partners to refinance its debt, following a binding commitment letter disclosed on March 30, according to a Thursday Australian bourse filing.
The company said following completion of the refinancing, and net of the interest reserve account required to be funded under the facility, the group will have additional liquidity of about AU$130 million to support ongoing operational needs and the execution of its cost-out and strategic initiatives, the filing added.
Completion of the refinancing is expected to occur on Thursday, replacing the group's previous AU$400 million syndicated facility agreement, the filing said. The conditions of the waiver given by the group's previous senior lenders on Feb. 27 will be satisfied upon completion.
The company's shares fell past 4% in recent Thursday trade.