Jan 30, 2019 Newsdesk Latest News, Macau, Top of the deck  
Studio City Finance Ltd has set the price of new debt it is issuing. The firm has priced the US$600 million worth of 7.25 percent senior notes due 2024 at 100 percent.
Studio City Finance is a wholly-owned subsidiary of Studio City International Holdings Ltd, the latter being the controlling entity of the Studio City casino resort (pictured) in Macau’s Cotai district.
The controlling shareholder in Studio City International is Asian casino operator Melco Resorts and Entertainment Ltd.
Studio City International told the U.S. Securities and Exchange Commission on Wednesday that Studio City Finance would use the net proceeds for its conditional cash tender offer for any and all of its outstanding 8.5 percent senior notes due 2020, and for redemption of the old notes.
Studio City Finance will use any proceeds left over for general corporate purposes, including working capital and repaying other borrowing, the Securities and Exchange Commission was told.
Studio City Finance announced the issue of the new debt on January 22.
The Studio City casino resort opened in October 2015. This month Melco Resorts said the casino there will end VIP rolling chip operations in January 2020, but failed to say why.
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