Studio City Sets Price for US$350 Million Senior Ticket Offering

Studio City Company Limited, the subsidiary of Studio City International Holdings Limited which operates Macau’s integrated Studio City resort, has priced a previously announced international offering of senior secured tickets.

According to details released overnight, the offering consists of an aggregate principal amount of US$350 million of 7.00% senior secured notes due 2027, with proceeds raised to be used to partially fund expenses. for Studio City Phase 2 capital and general corporate purposes.

The Notes are offered and sold to institutional buyers in the United States and are to be listed on the Singapore Stock Exchange.

Studio City announced earlier this week that it would also raise approximately US$300 million after reaching subscription agreements with existing institutional holders of its common stock and US Depository Stock. Studio City’s majority shareholder, Melco Resorts & Entertainment, subscribed for US$165 million of these subscription shares through its subsidiary MCO Cotai Investments Limited.

The subscription deals and combined ticket offering will allow the company to raise approximately US$650 million for the US$1.2 billion cost of completing Studio City Phase 2.

Designed by Zaha Hadid Architects – the same firm that designed Morpheus at City of Dreams Macau and co-designed Melco’s integrated resort concept in Yokohama – Studio City Phase 2 is scheduled to open in December 2022. The firm hosted a ceremony closing in November.

When completed, Phase 2 will add approximately 250,000 square meters of total gross floor area, including an additional 2,300 square meters of play space, 21,000 square meters of retail, a children’s play area for families and a new food street offering a selection of Asian cuisines. . It will also offer one of Asia’s largest indoor and outdoor water parks, a six-screen Cineplex featuring two regular houses and four VIP suites, as well as a state-of-the-art MICE space.