Kirkland Advises Bally’s on Strategic Capital Investment in The Star via Convertible Notes and Subordinated Debt

Kirkland & Ellis is advising Bally's Corporation (NYSE: BALY), a global casino-entertainment company with a growing omni-channel presence, including 19 casinos across 11 states, on a binding term sheet with The Star Entertainment Group Limited (ASX: SGR) comprised of a multi-tranche issuance of subordinated convertible notes and subordinated debt with an aggregate principal value of AUD $300 million (approximately $187 million). The Star is an ASX-listed, leading Australian entertainment and gaming company, operating casino and resort properties in Sydney, Brisbane and the Gold Coast. Bally's will invest in and partner with The Star and brings a proven track record of revitalizing underperforming casino businesses. Upon conversion of the notes, Bally's would own up to approximately 56.7% of the fully diluted share capital of The Star assuming it subscribes for 100% of the notes.

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The Kirkland team includes corporate lawyers Ed Lee and Lee Blum; debt finance lawyers Paul Sandler and Justin Greer; and capital markets lawyer Josh Korff.