Studio City Finance Ltd, the operating entity of Macaus Studio City, has revealed plans to conduct an additional offering of 5.000% senior notes due 2029 to fund completion of the integrated resorts second phase.
The additional notes, which are yet to be priced, will be issued under an indenture dated 14 January 2021 pursuant to which Studio City Finance had issued an original US$750 million senior notes at that time.
The net proceeds are to be used to partially fund the capital expenditures of the remaining project for Studio City and for general corporate purposes, the company said.
Studio City Finance is a wholly-owned subsidiary of Studio City International Holdings Limited, which in turn counts Melco Resorts & Entertainment as its major shareholder with a 54.7% stake.
Studio City International last week revealed that it had been granted a seven-month extension to its government-imposed deadline to complete development of Phase 2 from 27 May 2022 until 27 December 2022.
Melco revealed last August that it was unlikely to meet its previous Studio City deadline due to COVID-19 delays.