• Enters $250 million senior secured bridge facility
• Receives $750 million debt refinancing proposal
• Receives $53 million upfront payment from joint venture partners

The Star Entertainment Group Limited (ASX: SGR) has announced that it has entered into documentation for a senior secured $250 million bridge facility. Separately, the company has also received a debt refinancing proposal from an additional potential lender, which could provide the group with total debt capacity of up to $940 million. The company is also pursuing various short-term liquidity initiatives as neither the bridge facility proceeds nor the refinancing proposal will be available to address the company's immediate liquidity requirements. The key terms of the bridge facility include an annual all-in interest rate of 15%, a tenor of 6 months (which may be extended to 9 months), and a minimum liquidity covenant of $10 million available cash. The refinancing proposal, if finalized, would provide The Star with sufficient liquidity to refinance all of the group's existing corporate debt and is not conditional on either the purchase of the existing senior debt at a discount to par or any government tax deferrals or waivers. The company has also entered into a binding heads of agreement with its joint venture partners, Chow Tai Fook Enterprises Limited and Far East Consortium International Limited, which will see the partners make an upfront payment of $35 million to The Star today, with an additional $10 million before the end of March 2025 and a subsequent $8 million payable on the earlier of the practical completion of the Andaz hotel or 30 November 2025. The Star intends to use these proceeds for short-term liquidity purposes as it seeks to finalize the long-form facility documentation for the bridge facility and progress the refinancing proposal.