Studio City Prices US$300 M 6.125% Senior Secured Notes Due 2031
Studio City Company has priced a US$300 million offering of 6.125% senior secured notes due 2031 at par. It will use net proceeds and cash to repurchase or redeem all of its 7.00% senior secured notes due 2027.
1. Offering Details
Studio City Company Limited has priced a US$300 million offering of 6.125% senior secured notes due 2031 at 100% of par, replacing higher-cost borrowings.
2. Use of Proceeds
Net proceeds together with cash on hand will fund a conditional tender offer to repurchase any and all outstanding 7.00% senior secured notes due 2027 and redeem any remaining notes.
3. Security and Guarantee Structure
The new notes will rank equally with existing and future senior secured indebtedness of Studio City Company and are guaranteed on a senior secured basis by Studio City Investments Limited and its subsidiaries, while a US$30 million credit facility retains priority on shared collateral.
4. Offering Mechanics
The notes and guarantees are being sold to qualified institutional buyers under Rule 144A and to non-US persons under Regulation S without registration in the United States.