Studio City expects to raise US$750m from new notes
Phase two of the company’s Cotai casino complex was delayed and there’s no expected date of completion yet.
Macau.- Studio City Finance Limited has offered new senior notes to the market that are due in 2029.
The wholly-owned subsidiary of Studio City International Holdings expects to raise close to US$750m from the offering.
The net proceeds will be used to fund the conditional cash tender offer announced on 4 January 2021 for any and all of its outstanding 7.250% senior notes due in 2024 and to pay all fees and costs related to the proposed notes.
In a filling the company said that in case and if any amount remains, it will be destined to partially fund the capital expenditures of the remaining project for Studio City and for general corporate purposes.
The company was planning to expand its Cotai casino complex, with work set to to be finished by May 2022, but the works were delayed due to the on-going Covid-19 pandemic.
Phase two will offer approximately 900 additional luxury hotel rooms and suites, one of the world’s largest indoor/outdoor water parks, a Cineplex, fine-dining restaurants and MICE space.
