Studio City launches upsized $350 million five-year secured notes at 7%; pricing Wednesday

By Paul A. Harris

Portland, Ore., Feb. 9 – Studio City International Holdings Ltd. wholly owned subsidiary Studio City Co. Ltd. launched an upsized $350 million offering of five-year senior secured notes (Ba3/B+) at 7%, according to market sources.

The deal, which upsized from $300 million, launched inside of price talk in the 7¼% area but tight to initial guidance in the low-7% area.

Pricing is expected on Wednesday.

Deutsche Bank is leading the Rule 144A and Regulation S offering.

The notes come with two years of call protection.

The Macau-based entertainment resort plans to use the proceeds to partially fund the capital expenditures of the remaining project for Studio City and for general corporate purposes. The incremental proceeds resulting from the $50 million upsizing of the deal will be used for additional liquidity and general corporate purposes.

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