The Star Entertainment Group (ASX:SGR) secured a AU$300 million investment from New York Stock Exchange-listed Bally's, consisting of convertible notes and subordinated debt, according to a Monday filing with the Australian bourse.
Under a binding term sheet, the funds will be disbursed in two tranches, with AU$100 million to be paid to Star on or before Wednesday and AU$200 million to be subject to shareholder approval and regulatory clearances, the filing said.
The convertible notes represent up to 56.7% of Star's total issued capital on a fully diluted basis.
The investment carries a 9% annual coupon rate, payable in cash or in kind, a conversion price of AU$0.08 per share, and will expire on July 2, 2029, the filing added.
A potential subscription by Star's largest shareholder, Investment Holdings, could reduce the amount from Bally's to AU$200 million, per the filing.
Star's board recommends that shareholders vote in favor of the investment in the absence of a superior proposal and subject to an independent expert's assessment.
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