Studio City Enters into Senior Facilities Agreement
Studio City International Holdings announces that its subsidiary, Studio City Company, has secured a new HK$1.945 billion (approximately US$250 million) revolving credit facility through a senior facilities agreement with a banking syndicate.
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Rhea-AI Summary
Studio City International Holdings announces that its subsidiary, Studio City Company, has secured a new HK$1.945 billion (approximately US$250 million) revolving credit facility through a senior facilities agreement with a banking syndicate. The five-year facility includes an option to increase commitments by up to US$100 million. The agreement is secured and guaranteed by the Company and its subsidiaries.
Additionally, Studio City Company has amended its existing credit facilities of HK$234.0 million to align terms with the new agreement. The proceeds will be used for refinancing existing debt and general corporate purposes.
Positive
- Secured new HK$1.945 billion (US$250 million) revolving credit facility
- Option to increase facility by additional US$100 million
- Extended debt maturity with five-year term
- Successfully aligned terms of existing HK$234.0 million facility with new agreement
Negative
- Increased debt load with new credit facility
- Additional leverage through potential US$100 million facility expansion
Details
News Market Reaction – MSC
The recorded move for MSC in the trading session of this news was -0.61%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MACAU, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Studio City International Holdings Limited (NYSE: MSC) (“Studio City” or the “Company”), a world-class integrated resort located in Cotai, Macau, today announces that the Company’s subsidiary, Studio City Company Limited (“Studio City Company”), has entered into a senior credit facilities agreement, dated November 29, 2024, with a syndicate of banks (the “2024 Credit Facilities Agreement”). Under the terms of the 2024 Credit Facilities Agreement, lenders have made available to Studio City Company HK
Studio City Company has also entered into an amendment and restatement agreement, dated November 29, 2024, with, among others, Bank of China Limited, Macau Branch, in relation to the senior secured term loan and revolving facilities agreement dated March 15, 2021 (as amended and restated from time to time, and currently representing HK
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. Studio City International Holdings Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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 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) the pace of recovery from the impact of COVID-19 on our business, our industry and the global economy, (ii) risks associated with the amended Macau gaming law and its implementation by the Macau government, (iii) changes in the gaming market and visitations in Macau, (iv) capital and credit market volatility, (v) local and global economic conditions, (vi) our anticipated growth strategies, (vii) gaming authority and other governmental approvals and regulations, and (viii) 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 Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.
About Studio City International Holdings Limited
The Company, with its American depositary shares listed on the New York Stock Exchange (NYSE: MSC), is a world-class integrated resort located in Cotai, Macau. For more information about the Company, please visit www.studiocity-macau.com.
The Company is majority owned by Melco Resorts & Entertainment Limited, a company with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO).
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
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