Studio City International Holdings subsidiary Studio City Finance Limited has revealed the pricing of its international offering of senior notes due 2024, announced last week.
In a filing late Tuesday US time, Studio City Finance Limited – the entity that developed Macau integrated resort Studio City and operates its non-gaming businesses – said the offering would consist of US$600 million aggregate principal amount of 7.250% senior notes due 2024, with the new notes priced at 100%.
The net proceeds from the offering will be used to fund the conditional cash tender offer also announced by Studio City Finance last week for any and all of its outstanding 8.500% senior notes due 2020 and associated fees, as well as for working capital and to pay down debt
The conditional tender offer will conclude on 4 February 2019.
The Macau government last year granted Melco Resorts, the majority owner of Studio City International Holdings, a deadline extension until 24 July 2021 for its planned development of Studio City Phase 2 which is expected to be comprised entirely of non-gaming offerings