China's Studio City hikes yield talk for $825 million eight-year senior notes by 25 bps to 8½%

By Paul A. Harris

Portland, Ore., Nov. 16 - China-based Melco Crown Entertainment subsidiary Studio City Co. Ltd. increased yield talk for its $825 million offering of eight-year senior notes (B3/B-) by 25 basis points, boosting talk to 8½% from earlier talk in the 8¼% area, a market source said on Friday morning.

Deutsche Bank, ANZ, Bank of America Merrill Lynch, Citigroup, Credit Agricole and UBS are the bookrunners for the Rule 144A and Regulation S deal.

The notes include a change-of-control put at 101% and are non-callable for three years.

The prospective issuer is a Hong Kong-based developer and owner of casino gaming and entertainment resort facilities focused on the Macau market.

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