Star in talks with Salter Brothers for up to $589 million refinancing
March 11 (Reuters) - Star Entertainment (SGR.AX), opens new tab has opened its books to property funds manager, Salter Brothers, to potentially refinance all the embattled casino firm's debt through an up to A$940 million ($589.47 million) refinancing package.
The Australian firm previously indicated that an unnamed party had offered as much as A$940 million in refinancing earlier in the month, but had not provided any more details.
Star Entertainment on Tuesday said the unnamed financier was one of Australia's leading alternative investment managers, Salter Brothers Capital.
Salter, under the refinancing proposal, is offering A$750 million to Star along with the option to pay interest-in-kind for a period of time.
The proposal could provide total debt capacity of up to A$940 million, including interest, with the condition that Star maintains A$50 million in cash. The firms have until March 18 to finalise the funding package.
Salter Brothers did not immediately respond to a Reuters request for comment.
($1 = 1.5946 Australian dollars)
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