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.
Aug 20, 2019The operator of the Resorts World Manila casino resort (pictured) in the Philippines started on Monday its offer to public shareholders to take the business private, according to an update that day...
Aug 20, 2019
Aug 20, 2019
"The Hong Kong protests may hurt Macau gross gaming revenue by about mid-single-digit (i.e., half of maximum visitation exposure), which should fade away gradually as people will find alternative ways to visit Macau”
DS Kim, Jeremy An and Christine Wang
Analysts at brokerage JP Morgan Securities (Asia Pacific) Ltd