By Paul A. Harris
Portland, Ore., Jan. 29 – Studio City Co. Ltd. and Studio City Finance Ltd. launched and priced an upsized $600 million issue of five-year senior notes (B2/B+) at par to yield 7¼% on Tuesday, according to a market source.
The issue size increased from $425 million.
The yield printed at the tight end of the 7¼% to 7 3/8% final price talk. Earlier talk was in the 7½% area.
Joint bookrunner Deutsche Bank Securities Inc. is the global coordinator. ANZ is also a joint bookrunner.
The Macau-based gaming and entertainment company plans to use the proceeds to help fund the tender offer for its 8½% senior notes due 2020 and for general corporate purposes.
| Issuer: | Studio City Finance Ltd.
|
| Amount: | $600 million, increased from $425 million
|
| Maturity: | Feb. 11, 2024
|
| Securities: | Senior notes
|
| Global coordinator: | Deutsche Bank Securities Inc.
|
| Bookrunners: | Deutsche Bank, ANZ
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Call protection: | Two years
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 11
|
| Ratings: | Moody's: B2
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¼% to 7 3/8%, revised from 7½% area
|
| Marketing: | Roadshow
|
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