Moody’s has assigned a Ba3 rating with stable outlook as the Macau integrated resort operator moves to extend its debt maturity profile.
Macau.- Studio City Company Limited, a wholly owned subsidiary of Studio City International Holdings, has announced the pricing of a US$300m offering of 6.125 per cent senior secured notes due 2031. The notes were priced at 100 per cent of principal amount and will be used, together with cash, to repurchase outstanding 7 per cent senior secured notes due 2027.
The new notes will constitute senior secured obligations of Studio City Company and will be guaranteed by Studio City Investments Limited and its subsidiaries, excluding Studio City Company itself. Neither Melco Resorts & Entertainment nor Studio City International Holdings will act as guarantors for the issuance. Any remaining notes not tendered will be redeemed in full afterwards.
Moody’s Ratings has assigned a Ba3 rating to the new notes with a stable outlook, which it said reflects “our expectation that the company’s financial leverage will improve further over the next 12-18 months, driven by continued earnings growth and a reduction in debt”.
Moody’s has assigned a Ba3 rating with stable outlook as the Macau integrated resort operator moves to extend its debt maturity profile. Macau.- Studio City Company Limited, a wholly owned subsidiary of Studio City International Holdings, has announced the pricing of a US$300m offering of 6.125 per cent senior secured notes due 2031. The notes…
