By Paul A. Harris
Portland, Ore., Jan. 5 – Studio City International Holdings Ltd. priced a $750 million issue of eight-year senior notes (B1/BB-) at par to yield 5% on Tuesday, according to market sources.
The yield printed 12.5 basis points tighter than yield talk in the 5¼% area and 37.5 bps tighter than initial talk in the 5½% area.
The final size came higher than the $650 million that had been telegraphed to the market, a trader said.
The deal was heard to be playing to a mix of high-yield bond accounts and emerging markets investors.
Deutsche Bank was at the left of a syndicate of bookrunners that also included Morgan Stanley, Bank of China, Bank of Communications, ICBC and Mizuho
The notes were sold via Studio City Finance Ltd.
The Cotai, Macau-based gaming, lodging and retail company plans to use the proceeds to fund the conditional tender offer for its 7¼% senior notes and to redeem any notes which remain outstanding following the completion of the tender, with any remaining proceeds to partially fund capital expenditures and for general corporate purposes.
| Issuer: | Studio City Finance Ltd.
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| Amount: | $750 million
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| Tenor: | Eight years
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| Bookrunners: | Deutsche Bank, Morgan Stanley, Bank of China, Bank of Communications, ICBC and Mizuho
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Call protection: | Three years
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| Trade date: | Jan. 5
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| Ratings: | Moody's: B1
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¼% area
|
| Marketing: | Roadshow
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