Star recap: $800m at $1.20 a share, rights issue and placement

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Star recap: $800m at $1.20 a share, rights issue and placement
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The Star Entertainment Group has secured a $800 million equity recapitlisation via Barrenjoey and Macquarie Capital.

The Star Entertainment Group has secured an $800 million equity recapitalisation via Barrenjoey and Macquarie Capital.The brokers have underwritten the deal at $1.20 a share, having secured cornerstone support from Star’s big shareholders and sub-underwriters.

The raising includes a three-for-five rights issue to raise $685 million and a $115 million placement of new shares.Investors were told the deal would launch on Thursday morning. Chow Tai Fook and Far East Consortium provided pre-deal support for $80 million, as part of a longstanding agreement with Star.

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