Feb 26 (Reuters) – Australia’s Star Entertainment said on Thursday it has reached an agreement for a non-binding term sheet with U.S.-based private credit investment manager WhiteHawk Capital Partners for proposed refinancing of its debt.
Star Entertainment said the proposal will refinance its existing total debt and provide incremental liquidity to facilitate the embattled casino group’s turnaround plan.
The company said that the non-binding term sheet may not lead to a definite credit agreement; however, the parties are working towards a binding commitment by the end of March.
Separately, the casino operator is seeking temporary covenant waivers from existing lenders for December to buy time for the refinancing to be implemented, and said a successful outcome is not certain.
Shares of the firm were trading flat as of 2317 GMT.
(Reporting by Sneha Kumar in Bengaluru; Editing by Alan Barona)
