Studio City Company Limited Announces Results of its Tender Offer for Any and All of its 7.00% senior secured notes due 2027

Rhea-AI Summary

Studio City Company (MSC) announced results of its conditional cash tender offer for any and all of its 7.00% senior secured notes due 2027.

Holders tendered US$196.421 million of notes by expiration, with an additional US$1.5 million via guaranteed delivery. Accepted notes will receive US$1,001.25 per US$1,000 principal, with settlement expected May 15, 2026, subject to conditions including financing.

Positive

• US$196.421 million aggregate principal of 2027 notes validly tendered by expiration
• Additional US$1.5 million of notes submitted under guaranteed delivery procedures
• Purchase price set at US$1,001.25 per US$1,000 principal amount
• Settlement for accepted notes expected on May 15, 2026, if conditions are satisfied

Negative

• Completion of the tender offer remains subject to a financing condition and other conditions
• Cash required to repurchase notes at a premium to principal may reduce available liquidity

News Market Reaction – MSC

+4.17% 1.8x vol

3 alerts

+4.17% Session close to close

+12.2% Peak Tracked

$621.61M Market Cap

1.8x Rel. Volume

In the May 13 session, MSC gained 4.17%, reflecting a moderate positive market reaction. Argus tracked a peak move of +12.2% during that session. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details the outcome of MSC’s conditional cash tender offer for its 7.00% senior se...

Analysis

This announcement details the outcome of MSC’s conditional cash tender offer for its 7.00% senior secured notes due 2027, with about US$196.4 million tendered plus US$1.5 million via guaranteed delivery. It follows the pricing of US$300 million of new 2031 notes intended to refinance these securities. Investors may track how much of the 2027 issue remains after settlement on or around May 15, 2026, and how these steps affect MSC’s maturity profile and future interest expenses.

Key Figures

Notes coupon: 7.00% Notes tendered: US$196,421,000 Guaranteed delivery amount: US$1,500,000 +4 more

7 metrics

Notes coupon 7.00% Senior secured notes due 2027

Notes tendered US$196,421,000 Aggregate principal validly tendered by Expiration Time

Guaranteed delivery amount US$1,500,000 Aggregate principal subject to guaranteed delivery procedures

Tender consideration US$1,001.25 Per US$1,000 principal amount of 2027 notes accepted

Expiration Time 5:00 p.m. New York City time Tender offer expiration on May 12, 2026

Guaranteed delivery deadline 5:00 p.m. New York City time Deadline on May 14, 2026 for guaranteed delivery notes

Expected settlement date May 15, 2026 Settlement of accepted 2027 notes in tender offer

Historical Context

5 past events · Latest: May 07 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 07	Notes offering priced	Positive	+12.7%	Priced US$300M of 6.125% senior secured notes due 2031 at par.
May 06	Proposed notes offering	Neutral	-0.2%	Announced proposed senior secured notes to refinance 2027 notes.
May 06	Tender offer launch	Neutral	-0.2%	Launched cash tender offer for all 7.00% senior secured 2027 notes.
Apr 30	Q1 2026 earnings	Positive	-2.9%	Reported higher Q1 2026 revenues, EBITDA and a move to net income.
Mar 13	Form 20-F filed	Neutral	-6.7%	Filed 2025 Form 20-F with audited financial statements for investors.

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

Pattern Detected

Recent news—including earnings and multiple refinancing announcements—has more often been followed by flat-to-negative moves, with only one clear positive reaction to the May 7 note pricing.

Recent Company History

This announcement reports the results of a tender offer for the 7.00% senior secured notes due 2027, which follows a clear refinancing sequence. On May 6–7, 2026, MSC announced and then priced US$300 million of new 6.125% senior secured notes due 2031 intended to take out the 2027 notes. Earlier, the company launched the tender offer and issued a conditional redemption notice. These actions build on Q1 2026 earnings that showed improved revenues and profitability, and an annual report filing in March that maintained disclosure continuity.

Key Terms

senior secured notes, tender offer, CUSIP, ISIN, +1 more

5 terms

senior secured notes financial

"its 7.00% senior secured notes due 2027 (CUSIP Numbers G8539E AC9..."

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.

tender offer financial

"announces the results of its previously announced conditional cash tender offer..."

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

CUSIP financial

"notes due 2027 (CUSIP Numbers G8539E AC9 and 86400G AC3; ISIN..."

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

"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

guaranteed delivery procedures financial

"pursuant to the guaranteed delivery procedures described in the Offer to Purchase..."

Guaranteed delivery procedures are a settlement arrangement that lets a buyer or seller complete a trade even when the actual shares or cash cannot be delivered immediately, by promising to provide them within a short, specified window. For investors this works like reserving and paying for an item that will be shipped later: it reduces the risk of a failed trade and allows participation in offerings or market trades despite paperwork or transfer delays, but it also means you should watch the final settlement date and counterparty obligations.

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

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MACAU, May 13, 2026 (GLOBE NEWSWIRE) -- Studio City Company Limited (“Studio City Company”) today announces the results of its previously announced conditional cash tender offer for any and all of its 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” and such conditional tender offer, the “Conditional Tender Offer”) as further described in the Offer to Purchase dated May 6, 2026 (the “Offer to Purchase”) and the related Notice of Guaranteed Delivery. Capitalized terms used in this announcement but not defined herein have the meanings given to them in the Offer to Purchase.

The Conditional Tender Offer expired at 5:00 p.m., New York City time, on May 12, 2026 (the “Expiration Time”). The deadline for delivery of Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase is 5:00 p.m., New York City time, on May 14, 2026. At or prior to the Expiration Time, US$196,421,000 aggregate principal amount of the Notes were validly tendered (and not validly withdrawn) and an additional US$1,500,000 aggregate principal of the Notes were subject to the guaranteed delivery procedures.

The consideration for each US$1,000 principal amount of the 2027 SCC Senior Secured Notes validly tendered prior to the Expiration Time and accepted for purchase pursuant to the Conditional Tender Offer will be US$1,001.25. Subject to the conditions (including the Financing Condition) set out in “Terms of the Offer—Conditions to the Offer” in the Offer to Purchase having been satisfied or otherwise waived by Studio City Company, as the case may be, Studio City Company expects to accept for purchase all of the 2027 SCC Senior Secured Notes that were validly tendered (and not validly withdrawn) pursuant to the Conditional Tender Offer and pay the consideration to the Holders of the 2027 SCC Senior Secured Notes accepted for purchase in the Conditional Tender Offer promptly after the Expiration Time on the settlement date, which is expected to be on May 15, 2026.

The Conditional Tender Offer was made solely pursuant to the Offer to Purchase, which sets forth the complete terms of the Conditional Tender Offer. Copies of the Offer to Purchase are available from the Tender and Information Agent at the following website: https://deals.is.kroll.com/studiocity. Studio City Company has engaged Deutsche Bank AG, Singapore Branch to act as the dealer manager for the Conditional Tender Offer. Questions regarding the terms of the Conditional Tender Offer should be directed to Deutsche Bank AG, Singapore Branch at One Raffles Quay, #17-00 South Tower, Singapore 048583, Attention: Global Risk Syndicate (Tel: +65 6423-4229), with a copy to Deutsche Bank AG, London Branch at 21 Moorfields, London EC2Y 9DB, United Kingdom, Attention: Liability Management Group (Tel: +44 20-7545-8011) and Deutsche Bank Securities Inc. at 1 Columbus Circle, New York, New York 10019, United States of America, Attention: Liability Management Group (Tel: +1 212-250-7527) with a copy at the same address to Attention of the General Counsel, 19th Floor at the email of dbcapmarkets.gcnotices@list.db.com. Studio City Company has appointed Kroll Issuer Services Limited to serve as the Tender and Information Agent for the Conditional Tender Offer. Questions regarding the Conditional Tender Offer or requests for additional copies of the Offer to Purchase should be directed to Kroll Issuer Services Limited, Attention: Kevin Wong / Alison Lee (Tel: +852 2281 0114 / +44 20 7704 0880, Email: studiocity@is.kroll.com).

This press release is not an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Conditional Tender Offer was made solely by the Offer to Purchase.

The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this press release comes are required to inform themselves about, and to observe, any such restrictions.

This press release is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the securities referred to herein. 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 prior to registration or qualification under the securities laws of any such jurisdiction.

Safe Harbor Statement

This press release contains forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements regarding Studio City Company’s plans and expected timing with respect to the Conditional Tender Offer. Studio City International Holdings Limited 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 the 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 the Offer to Purchase. 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 about its 7.00% senior secured notes due 2027?

Studio City Company announced results of its conditional cash tender offer for any and all 7.00% senior secured notes due 2027. According to Studio City Company, US$196.421 million was validly tendered, plus US$1.5 million via guaranteed delivery procedures before the stated deadline.

How many Studio City Company 2027 notes were tendered in the May 2026 offer?

According to Studio City Company, holders tendered US$196.421 million aggregate principal of 2027 notes by the May 12, 2026 expiration. An additional US$1.5 million aggregate principal was submitted using guaranteed delivery, potentially increasing the total accepted amount if all conditions are met.

What consideration will holders receive in Studio City Company’s 2027 notes tender offer (MSC)?

Holders whose 2027 notes are accepted will receive US$1,001.25 per US$1,000 principal amount. According to Studio City Company, this cash consideration applies to notes validly tendered and not withdrawn, subject to satisfaction or waiver of the offer conditions, including a financing condition.

When is the expected settlement date for Studio City Company’s 2027 notes tender offer?

Settlement is expected on May 15, 2026, for notes accepted in the tender offer. According to Studio City Company, payment will occur promptly after expiration, provided all specified conditions, including the financing condition outlined in the offer terms, are satisfied or waived.

What is the deadline for guaranteed delivery in Studio City Company’s 2027 notes tender (MSC)?

The deadline for delivering notes under guaranteed delivery procedures is 5:00 p.m. New York City time on May 14, 2026. According to Studio City Company, notes subject to guaranteed delivery can still be accepted if all conditions of the tender offer are fulfilled.

Is Studio City Company’s tender offer for 2027 notes already finalized?

The tender offer is not fully finalized because it remains conditional, including a financing condition. According to Studio City Company, acceptance and settlement of all validly tendered 2027 notes depend on satisfaction or waiver of the offer conditions described in the governing tender documentation.