Sources said credit funds, who had sensed Star’s balance sheet weakness even after its $800 million equity injection, are preparing funding proposals now that the June 30 balance date is done.
Of course, Star has already flagged a refinancing, but to Street Talk it sounds like wily lenders are probing the business to see if they can shake out a juicier deal.
Over in ECM, Johns Lyng Group ran a $65 million variable price bookbuild to fund two acquisitions via JPMorgan. Half of Sydney and Melbourne is off to Europe with school holidays, but Johns Lyng had its book covered in roughly an hour of launch and the price set towards the higher end of its range by 3pm.
Four months after Star Entertainment tapped equity capital markets for an $800 million shot in the arm, sharp-nosed debt investors have smelled blood and are circling the troubled casino operator.
