Studio City prices US$350 million additional notes to fund completion of Phase 2

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Studio City

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Studio City Finance Ltd, the operating entity of Macaus Studio City, has priced an additional offering of 5.000% senior notes due 2029 with an aggregate US$350 million of notes to be offered at 101.5%.

The proceeds from the offering are intended to partially fund the capital expenditures of the remaining project for Studio City [Phase 2] and for general corporate purposes, the company said overnight.

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 aseven-month extension to its government-imposed deadlineto 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.