The Star Entertainment Group Limited (ASX:SGR) Secures $300 Million Strategic Investment
Strategic Investment
The Star Entertainment Group Limited has entered into a binding term sheet with Bally’s Corporation for a $300 million strategic investment through multi-tranche convertible notes and subordinated debt instruments.
Transaction Structure
The investment comprises $100 million in Tranche 1, payable by 9 April 2025, and up to $200 million in Tranche 2, contingent on shareholder and regulatory approvals. The notes carry a 9.0% annual coupon, are unsecured and subordinated, and mature on 2 July 2029. The conversion price is set at 8 cents per share.
Next Steps
The Board will recommend shareholders approve the transaction in a meeting targeted for late June 2025. The Star plans to distribute a shareholder booklet in May 2025 and finalize financial accounts for the year ended 31 December 2024.
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