Star Entertainment Group has entered into a binding term sheet with Bally’s Corporation for a multi-tranche convertible note and subordinated debt instrument with an aggregate principal value of A$300m, according to a statement.
- A$100m to be paid to The Star on or before April 9
- A$200m paid to The Star following shareholder vote and regulatory approvals
- Tranche 1A notes convertible into shares worth 9.71% of The Star’s pre-issue capital, or A$22.3m
- Tranche 1B notes convertible into shares worth 4.85% of The Star’s pre-issue capital, or A$11.1m
- Tranche 1C subordinated non-convertible debt of A$66.6m
- Tranche 2 notes will be convertible into ...
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