Studio City Finance Limited, a subsidiary of Studio City International Holdings, has increased the aggregate principal amount of a previously announced tender offer of its outstanding 6.000% senior notes due 2025 from US$75 million to US$100 million.
It also revealed that valid tenders received by close of the early tender period on Friday had reached almost US$317.5 million, comfortably exceeding the maximum tender amount. Studio City said it expects to accept for purchase notes that were validly tendered pursuant to the tender offer and by the early tender date for a combined aggregate principal amount equal to the maximum tender amount.
It previously revealed that the consideration for each US$1,000 principal amount of notes validly tendered and accepted for purchase would be US$975. Settlement is due to take place on 28 November 2023.
Studio City Finance is the operating entity of Macau integrated resort Studio City, run under the umbrella of its majority shareholder Melco Resorts & Entertainment.
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