New Issue: China's Studio City prices $825 million 8½% eight-year notes at par

By Paul A. Harris

Portland, Ore., Nov. 16 - China-based Melco Crown Entertainment subsidiary Studio City Co. Ltd. priced an $825 million issue of eight-year senior notes (B3/B-/) at par to yield 8½% on Friday, according to an informed source.

The yield printed on top of yield talk, which had been revised from earlier talk in the 8¼% area.

Deutsche Bank Securities Inc. was the left bookrunner.

ANZ, Bank of America Merrill Lynch, BOCI, Citigroup Global Markets, Credit Agricole CIB and UBS Investment Bank were the joint bookrunners.

Proceeds will be used to fund capital expenditures.

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

Issuer:	Melco Crown Entertainment (Studio City Co. Ltd.)
Amount:	$825 million
Maturity:	Dec. 1, 2020
Securities:	Senior notes
Left bookrunner:	Deutsche Bank Securities Inc.
Joint bookrunners:	ANZ, Bank of America Merrill Lynch, BOCI, Citigroup Global Markets, Credit Agricole CIB, UBS Investment Bank
Coupon:	8½%
Price:	Par
Yield:	8½%
Spread:	731 bps
Call features:	Callable on Dec. 1, 2015 at 106.375, 104.25, 102.125, par on and after Dec. 1, 2018
Equity clawback:	35% at 108.5 until Dec. 1, 2015
Change-of-control put:	101%
Trade date:	Nov. 16
Settlement date:	Nov. 26
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	8½%, revised from earlier talk in the 8¼% area
Marketing:	Roadshow

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