Saturday, August 13, 2022

Studio City announces senior notes offering due 2024


Studio City Finance Limited, a subsidiary of Studio City International, has announced the pricing of its international offering of senior notes due 2024.

The offering consists of US$600 million aggregate principal amount of 7.25 percent senior notes due 2024, priced at 100 percent.

Studio City said the net proceeds will be used to fund the conditional cash tender offer announced by Studio City Finance on January 22, 2019, for any and all of its outstanding 8.5 percent senior notes due 2020, and to redeem in full any existing notes following the completion of the Conditional Tender Offer, as well as general corporate purposes.

Analysts from Bernstein said it was a positive move from Melco’s perspective, as Studio City's refinancing is a positive event as it lowers Melco's interest expense and debt leverage.

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