Studio City Finance begins tender offer for up to $75 million 6% notes due 2025

By Mary-Katherine Stinson

Lexington, Ky., Nov. 9 – Studio City International Holdings Ltd. subsidiary Studio City Finance Ltd. initiated a cash tender offer for any and all of its outstanding 6% senior notes due 2025 (ISINs: US86389QAE26, USG85381AE48) up to $75 million, according to a news release.

The tender offer consideration will be $975 per $1,000 of notes tendered, which includes an early tender premium.

Noteholders tendering after the early deadline will be entitled to receive $945 per $1,000 of notes tendered.

Notes will be accepted in minimum denominations of $200,000 and integral multiples of $1,000.

Tenders are subject to proration if the tender cap is exceeded. Additionally, if the tender offer is fully subscribed by the early deadline, then no more tenders will be accepted after that date unless the company elects to increase the cap.

The early tender deadline will be 5 p.m. ET on Nov. 22, which is also the withdrawal deadline.

The offer will expire at 5 p.m. ET on Dec. 8.

If the company elects to have an early settlement date, it will be Nov. 28. Final settlement is slated for Dec. 12.

Deutsche Bank AG, Singapore Branch (+65 6423 4229, +44 20 7545 8011, 855 287-1922, 212 250-7527) is the sole dealer manager.

Kroll Issuer Services Ltd. (+852 2281 0114, studiocity@is.kroll.com, https://deals.is.kroll.com/studiocity) is the tender and information agent.

The gaming and entertainment company is based in Macau.

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