Gilbert + Tobin is pleased to announce its role advising the Mandated Lead Arrangers, Underwriters and Bookrunners, Westpac and Barclays, on the A$450 million refinancing of The Star Entertainment Group’s (Star) debt facilities.
The Star Entertainment Group is a leading gaming and entertainment company in Australia. Part of a c. A$1.2 billion capital restructure, the new debt facilities will help finance the ongoing needs of the business. The facilities comprise of A$150 million multi-option revolving loan and A$300 million bullet term loan.
One of the highest profile refinancings of the year, the package needed to accommodate the regulatory requirements governing casino businesses, as well as structuring around Star’s interest in the Brisbane-based Queens Wharf development and Star’s ongoing engagement with regulators and associated business initiatives. The deal was successfully syndicated by the Mandated Lead Arrangers, Underwriters and Bookrunners.
The G+T team was led by Banking Partner, Stuart Cormack, with support from special counsel Alex Tonkin and lawyers Sara Mohabbati and Zoe Spanos. Partner Julian Cheng advised on the tax aspects.
Stuart commented “It was a pleasure to assist our clients Barclays and Westpac, and their borrower, Star on this important refinancing. These debt facilities will be an important part of Star’s future and the overwhelming support of the many debt market participants involved in the syndication is a strong endorsement of Star’s business and trajectory over the medium to long term.’
This follows the G+T team’s work on numerous significant financings in 2023 including:
- Ixom’s A$1.04 billion refinancing of its corporate debt facilities (advising the MLAUs)
- AirTrunk’s A$4.6 billion Sustainability Linked Loan (advising the MLAUs)
- Bain Capital on the financing of its A$959m proposed acquisition of Estia Health
- A$650m (equivalent) Sustainability Linked Loan for AirTrunk’s TOK1 data centre