Studio City Company Announces Pricing of Senior Secured Notes Offering

Rhea-AI Summary

Studio City Company (MSC) priced a US$300 million offering of 6.125% senior secured notes due 2031 at 100% on May 7, 2026. Proceeds, together with cash, are intended to repurchase outstanding 7.00% senior secured notes due 2027 via a conditional tender offer and to redeem any remaining 2027 notes.

The New Notes will be senior secured obligations with guarantees from Studio City Investments Limited and its subsidiaries (other than Studio City Company), and will be offered to qualified institutional buyers under Rule 144A and to non-US persons under Regulation S.

Positive

• Issued US$300 million of 6.125% senior secured notes due 2031
• Proceeds intended to repurchase existing 7.00% notes due 2027
• Note guarantees provided by Studio City Investments Limited and its subsidiaries

Negative

• Neither Melco Resorts nor SCIHL will guarantee the New Notes
• Obligations under the US$30 million senior secured credit facilities will have priority over New Notes on common collateral

News Market Reaction – MSC

+12.73% 2.0x vol

5 alerts

+12.73% Session close to close

+23.7% Peak in 5 hr 29 min

$521.91M Market Cap

2.0x Rel. Volume

In the May 7 session, MSC gained 12.73%, reflecting a significant positive market reaction. Argus tracked a peak move of +23.7% during that session. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. Trading volume was elevated at 2.0x the daily average, suggesting notable buying interest.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +12.7% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +12.7% in the session following this news. A strong positive reaction aligns with the company’s ongoing balance sheet work, as this deal prices the previously proposed US$300 million of 6.125% senior secured notes due 2031. Historical data show only a mild move of -0.21% on the initial offering announcement, so a much larger move would mark a departure from prior behavior and could be sensitive to execution details and broader debt levels.

Key Figures

New Notes size: US$300 million Coupon rate: 6.125% Maturity: 2031 +4 more

7 metrics

New Notes size US$300 million Aggregate principal amount of New Notes

Coupon rate 6.125% Interest rate on New Notes

Maturity 2031 Due date of New Notes

Issue price 100% New Notes priced at par

Credit facilities US$30 million Senior secured credit facilities with common collateral

Existing coupon 7.00% Coupon on senior secured notes due 2027

2027 notes maturity 2027 Existing senior secured notes being targeted for repurchase/redemption

Previous Offering Reports

1 past event · Latest: May 06 (Neutral)

Same Type Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
May 06	Debt offering proposal	Neutral	-0.2%	Announced proposed senior secured notes to refinance 7.00% 2027 debt.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent debt offering news led to only a modest share move, suggesting limited historical sensitivity to this type of capital markets action.

Recent Company History

Over the last few months, Studio City has combined operating recovery with balance sheet actions. Q4 2025 and Q1 2026 earnings showed improving revenues and EBITDA, but the stock reaction was muted or negative. On May 6, 2026, the company announced a proposed senior secured notes offering to refinance its 7.00% 2027 notes, which saw a -0.21% move. Today’s pricing announcement continues that refinancing trajectory.

Key Terms

senior secured notes, CUSIP, ISIN, tender offer, +2 more

6 terms

senior secured notes financial

"it has priced its international offering of senior secured notes (the “New Notes”"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

CUSIP financial

"7.00% senior secured notes due 2027 (CUSIP Numbers G8539E AC9 and 86400G AC3;"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

View in glossary

ISIN financial

"CUSIP Numbers G8539E AC9 and 86400G AC3; ISIN USG8539EAC96 and US86400GAC33)"

A 12-character International Securities Identification Number (ISIN) is a unique code that acts like a passport for a specific stock, bond or other tradable security so it can be identified worldwide. Investors and systems use it to ensure they are buying, selling and tracking the exact same instrument across exchanges and data feeds, which prevents costly mix-ups and makes portfolio reporting, settlement and regulatory checks simpler and more reliable.

View in glossary

tender offer financial

"pursuant to the conditional cash tender offer announced by Studio City Company"

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

View in glossary

Rule 144A regulatory

"buyers pursuant to Rule 144A under the U.S. Securities Act of 1933"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

Regulation S regulatory

"and outside of the United States to non-US persons in reliance on Regulation S"

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MACAU, May 07, 2026 (GLOBE NEWSWIRE) -- Studio City Company Limited (“Studio City Company”) today announces that it has priced its international offering of senior secured notes (the “New Notes” and such offering, the “New Notes Offering”). Studio City Company is a wholly-owned subsidiary of Studio City International Holdings Limited (“SCIHL”).

The New Notes Offering consists of US$300 million aggregate principal amount of 6.125% senior secured notes due 2031. The New Notes were priced at 100%. Studio City Company intends to use the net proceeds from the New Notes Offering, together with cash on hand, to repurchase any and all of Studio City Company’s outstanding 7.00% senior secured notes due 2027 (CUSIP Numbers G8539E AC9 and 86400G AC3; ISIN USG8539EAC96 and US86400GAC33) (the “2027 SCC Senior Secured Notes”) pursuant to the conditional cash tender offer announced by Studio City Company on May 6, 2026 (the “Conditional Tender Offer”) and, to the extent any of the 2027 SCC Senior Secured Notes remain outstanding following the completion of the Conditional Tender Offer, to redeem in full any such outstanding 2027 SCC Senior Secured Notes.

The New Notes are proposed to be senior secured obligations of Studio City Company, ranking equally in right of payment with all existing and future senior indebtedness of Studio City Company (although any liabilities in respect of obligations under the US$30 million senior secured credit facilities with Studio City Company as borrower, that are secured by common collateral securing the New Notes, will have priority over the New Notes with respect to any proceeds received upon any enforcement action of such common collateral), and ranking senior in right of payment to all existing and future subordinated indebtedness of Studio City Company. The New Notes are proposed to be guaranteed by Studio City Investments Limited and all of its existing subsidiaries (other than Studio City Company) on a senior secured basis (the “Note Guarantees”). Neither Melco Resorts & Entertainment Limited nor SCIHL will be a guarantor for the New Notes.

The New 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 to non-US persons in reliance on Regulation S under the Securities Act. The New 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 Company does not intend to register any portion of the offering of the New Notes and the Note Guarantees in the United States.

This press release is for information purposes only. Nothing in this press release constitutes an offer to buy, or a solicitation of an offer to sell, securities in the United States or any other jurisdiction in which such offer or solicitation would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. SCIHL may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Studio City Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in Studio City Company’s offering memorandum with respect to the New Notes. All information provided in this press release is as of the date of this press release, and Studio City Company undertakes no duty to update such information, except as required under applicable law.

For the investment community, please contact:
Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: jeannykim@melco-resorts.com

For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: chimmyleung@melco-resorts.com

FAQ

What did Studio City Company (MSC) announce on May 7, 2026 about new notes?

According to the company, Studio City Company priced US$300 million of 6.125% senior secured notes due 2031 at 100%. The offering is intended to fund a conditional tender offer to repurchase its 7.00% senior secured notes due 2027 and potential redemption.

How will the MSC new 6.125% notes affect the 7.00% notes due 2027?

According to the company, proceeds plus cash on hand will be used to repurchase outstanding 7.00% notes due 2027 under a conditional tender offer. Any remaining 2027 notes after the tender offer are intended to be redeemed in full.

Who guarantees the new Studio City Company (MSC) notes due 2031?

According to the company, the New Notes are proposed to be guaranteed by Studio City Investments Limited and its existing subsidiaries (other than Studio City Company). Melco Resorts and SCIHL will not be guarantors of the New Notes.

Where and to whom are the MSC New Notes being offered?

According to the company, the New Notes and Note Guarantees are being offered in the United States to qualified institutional buyers under Rule 144A and outside the United States to non-US persons under Regulation S, and will not be registered under the Securities Act.

Do any existing credit facilities have priority over the new Studio City Company notes?

According to the company, liabilities under the US$30 million senior secured credit facilities that are secured by common collateral will have priority over the New Notes with respect to any proceeds from enforcement of that common collateral.