Studio City announces completion of bond offering

Studio City has announced the completion of its international offering of senior secured notes, according to a press release from the operator.

The senior secured notes, as previously announced, are to redeem and refinance its existing US$1.4 billion credit facility.

The offering consisted of US$350 million aggregate principal amount of 5.875 percent senior secured notes due 2019 and US$850 million aggregate principal amount of 7.250 percent senior secured notes due 2021.

The 2019 Notes and the 2021 Notes were each priced at 100 percent.

Studio City says it intends to use the net proceeds from the offering, together with cash on hand, toward the repayment of a HK$10.9 billion (US$1.4 billion) senior secured term loan and revolving facilities agreement, dated January 28, 2013.

SCC is a subsidiary of Studio City International Holdings Limited, of which 60 percent is held indirectly by Melco Crown Entertainment Limited and 40 percent is held directly by New Cotai, LLC.