Kirkland & Ellis Advised Bally’s Corporation On Investment In Star Entertainment’s Convertible Notes And Debt
Kirkland & Ellis Advised Bally’s Corporation On Investment In Star Entertainment’s Convertible Notes And Debt
The American company has a track record of revitalizing underperforming casinos
Prestigious law firm Kirkland & Ellis has counseled Bally’s Corporation on a binding term sheet with the Star Entertainment Group Limited. It comprised a multi-tranche issuance of subordinated convertible notes and debt of AUD $300 million ($187 million).
Bally is a global casino-entertainment company with a growing omni-channel presence, including 19 casinos across 11 states.
Star is an ASX-listed, leading Australian entertainment and gaming company, operating casino and resort properties in Sydney, Brisbane and the Gold Coast.
With a proven track record of revitalizing underperforming casinos, Bally’s will invest in and partner with Star.
Assuming it subscribes for 100 percent of the notes, upon conversion, Bally’s will own 56.7 percent of the fully diluted share capital of Star.
The Kirkland & Ellis team includes corporate lawyers Ed Lee and Lee Blum; debt finance lawyers Paul Sandler and Justin Greer; and capital markets lawyer Josh Korff.
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