The Star Entertainment Group is in talks with US investment giant Oaktree Capital Management about securing a near-term capital injection to pay down debt and keep its banks at bay.
It is understood Star and Oaktree have spent weeks talking about the potential funding plans, mulling raising structures that could see the alternatives investor inject hundreds of million of dollars in equity or equity-like instruments either as a standalone transaction or as part of a wider equity raising.
Sources close to casino operator said one of the options discussed was for Oaktree to underwrite a discounted rights issue, acquiring new shares not taken up by Star’s existing institutional and retail investors.
The total size of capital injections discussed exceeded $500 million.
The talks are understood to remain active ahead of the casino operator’s half-year results this week. Star’s board, headed by former UBS Asset Management Australia boss Ben Heap, has been taking advice on its balance sheet and capital raising options ahead of its results day on Thursday.
News: SGR Star Entertainment expects hit from New South Wales casino tax reform, page-236
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