Studio City tender for 6% notes oversubscribed at early date; cap lifted slightly

By Wendy Van Sickle

Columbus, Ohio, April 22 – Studio City Finance Ltd. said it took in early tenders of $307.15 million principal amount of notes under its capped tender offer its outstanding 6% senior notes due 2025 (ISIN: US86389QAE26, USG85381AE48), according to a Monday press release.

The company announced the offer on April 8 with an initial cap of $100 million. On Monday, it said it was increasing the accepted amount to $100,029,000 principal amount. Notes are expected to be accepted at a proration factor of 33.7%.

The company offered a consideration of $1,000 per $1,000 principal amount of notes tendered by the early tender date, 5 p.m. ET on April 19, which was also the withdrawal deadline. The consideration includes an early tender premium of $30.

The offer will expire at 5 p.m. ET on May 6, but the company said it will not accept for purchase any notes tendered after the early deadline.

Settlement of early tendered notes is expected to occur on April 24.

Deutsche Bank AG, Singapore Branch (+65 6423 4229, +44 20 7545 8011, 855 287-1922 or 212 250-7527) and Morgan Stanley & Co. LLC (212 761-1057 or 800 624-1808; debt_advisory@morganstanley.com) are dealer managers for the offer.

The tender and information agent is Kroll Issuer Services Ltd. (attn.: Mu-yen Lo and Kevin Wong; +852 2281 0114; studiocity@is.kroll.com; https://deals.is.kroll.com/studiocity).

Studio City is a gaming and entertainment company based in Macau.

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