Studio City ups tender offer cap for notes due 2025 to $100 million

By Marisa Wong

Los Angeles, Nov. 27 – Studio City International Holdings Ltd. subsidiary Studio City Finance Ltd. announced the early tender results of its Nov. 9 cash tender offer for up to a maximum aggregate principal amount of its outstanding 6% senior notes due 2025 (ISIN: US86389QAE26, USG85381AE48).

The issuer has decided to amend the tender offer to increase the maximum tender amount to $100 million from $75 million, according to a Friday press release.

As of 5 p.m. ET on Nov. 22, the early tender date, holders had tendered $317,461,000 of the notes.

The company expects to accept for purchase early tendered notes up to the revised maximum tender amount, with a proration factor of 30.3% applied. Settlement of the accepted early tendered notes is expected to take place on Nov. 28.

The tender offer consideration is $975 per $1,000 of notes tendered, which includes an early tender premium of $30 per $1,000 principal amount that is not being offered to holders tendering after the early deadline.

Tenders may no longer be withdrawn.

The offer will expire at 5 p.m. ET on Dec. 8. However, the company will not be accepting further tenders of notes.

Deutsche Bank AG, Singapore Branch (+65 6423 4229, +44 20 7545 8011, 855 287-1922, 212 250-7527) is the dealer manager.

Kroll Issuer Services Ltd. (+852 2281 0114, studiocity@is.kroll.com, https://deals.is.kroll.com/studiocity) is the tender and information agent.

The gaming and entertainment company is based in Macau.

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