Feb 26 (Reuters) - Australia's Star Entertainment ( EHGRF ) said on Thursday it has reached an agreement ​for a non-binding term ‌sheet with U.S.-based private credit investment ⁠manager WhiteHawk Capital Partners for ⁠proposed refinancing of its ‌debt.

Star Entertainment ( EHGRF ) ‌said the proposal will refinance its ​existing total debt ‌and provide incremental liquidity to facilitate the embattled ​casino group's turnaround ​plan.

The ‌company said that the non-binding term sheet may not lead ⁠to a definite credit agreement; ⁠however, the parties are working towards a binding commitment by the end of March.

Separately, ⁠the ‌casino operator is seeking ‌temporary covenant waivers from ⁠existing lenders for December to buy time for the refinancing to be implemented, and said a successful outcome is not certain.

Shares of ​the firm were trading flat as of 2317 GMT.

(Reporting by ​Sneha Kumar ‌in Bengaluru; Editing by ​Alan Barona)