Studio City Finance Limited Announces Proposed Senior Notes Offering

MACAU, July 07, 2020 (GLOBE NEWSWIRE) -- Studio City Finance Limited (“Studio City Finance”) today announces that it proposes to conduct an international offering of senior notes in one or more tranches (the “Notes” and such offering, the “Notes Offering”). Studio City Finance is a wholly-owned subsidiary of Studio City International Holdings Limited (“SCIHL”).

The Notes are proposed to be general obligations of Studio City Finance, ranking equally with all of Studio City Finance’s existing and future senior indebtedness. The Notes are proposed to be guaranteed (the “Note Guarantees”) by all of Studio City Finance’s existing restricted subsidiaries on a senior basis. SCIHL will not be a guarantor of the Notes.

The interest rate and other terms of the Notes will be determined at the time of pricing of the Notes Offering. Completion of the proposed Notes Offering of the Notes is subject to market conditions and investor interest. As no binding agreement in relation to the proposed Notes Offering of the Notes has been entered into as at the date of this press release, the proposed Notes may or may not be issued. The net proceeds from the Notes Offering will be used to redeem in full by Studio City Company Limited (“Studio City Company”), a wholly-owned subsidiary of Studio City Finance, of the outstanding 2016 7.250% senior secured notes due 2021 issued by Studio City Company (the “Existing Notes”), pay the fees and costs related to the proposed Notes Offering and the redemption of the Existing Notes and partially fund the capital expenditures of the remaining project for Studio City.

The Notes and the Note Guarantees are being proposed to be offered and sold in the United States to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and outside of the United States in reliance on Regulation S under the Securities Act. The proposed Notes and the Note Guarantees have not been and will not be registered under the Securities Act or under the securities laws of any state or other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state laws. Studio City Finance does not intend to register any portion of the offering of the proposed Notes and the Note Guarantees in the United States.