Studio City (MSC) details 7.00% 2027 senior notes tender results
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Studio City International Holdings Limited, through its subsidiary Studio City Company Limited, reports the results of a conditional cash tender offer for any and all of its 7.00% senior secured notes due 2027. As of the May 12, 2026 expiration, holders had validly tendered US$196,421,000 aggregate principal amount of these notes, with an additional US$1,500,000 subject to guaranteed delivery procedures.
Each US$1,000 principal amount of notes accepted for purchase will receive consideration of US$1,001.25, subject to conditions in the Offer to Purchase, including a financing condition. The company expects to accept all validly tendered notes and pay holders promptly after the expiration, with settlement expected on May 15, 2026.
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Key Figures
Notes tendered: US$196,421,000 principal
Guaranteed delivery amount: US$1,500,000 principal
Tender consideration: US$1,001.25 per US$1,000
+4 more
7 metrics
Notes tendered
US$196,421,000 principal
7.00% senior secured notes due 2027 tendered by expiration on May 12, 2026
Guaranteed delivery amount
US$1,500,000 principal
Additional notes subject to guaranteed delivery procedures
Tender consideration
US$1,001.25 per US$1,000
Cash paid for each US$1,000 principal amount accepted
Coupon rate
7.00%
Interest rate on senior secured notes due 2027
Offer expiration time
5:00 p.m. New York time
Expiration on May 12, 2026
Guaranteed delivery deadline
5:00 p.m. New York time
Deadline on May 14, 2026
Expected settlement date
May 15, 2026
Date company expects to pay tender consideration
Key Terms
conditional cash tender offer, guaranteed delivery procedures, Financing Condition, senior secured notes, +1 more
5 terms
conditional cash tender offer financial
"results of its previously announced conditional cash tender offer for any and all of its outstanding 7.00% senior secured notes"
A conditional cash tender offer is a bid by a buyer to purchase shareholders’ stock for cash that only becomes binding if certain stated conditions are met, such as a minimum number of shares tendered, regulatory approvals, or financing being secured. For investors it matters because the offer’s cash price can provide an immediate exit or premium, but the conditions create uncertainty about whether the deal will close, so shareholders must weigh the likelihood of fulfillment before tendering their shares.
guaranteed delivery procedures financial
"Notes tendered 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.
Financing Condition financial
"Subject to the conditions (including the Financing Condition) set out in “Terms of the Offer—Conditions to the Offer”"
Financing condition refers to the overall environment and terms under which borrowing money is available, including interest rates, lending standards, and access to credit. It influences how easily individuals or businesses can obtain funds and at what cost, affecting economic activity and investment decisions. When financing conditions are favorable, borrowing is easier and cheaper; when they tighten, borrowing becomes more difficult and expensive.
senior secured notes financial
"any and all of its outstanding 7.00% senior secured notes due 2027"
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.
forward-looking statements regulatory
"This press release contains forward-looking statements."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
FAQ
What did Studio City (MSC) announce in this Form 6-K?
Studio City reported results of a conditional cash tender offer for any and all of its 7.00% senior secured notes due 2027, disclosing amounts tendered, pricing, key dates, and remaining conditions tied to the offer.
How many 7.00% senior secured notes due 2027 were tendered?
Holders validly tendered US$196,421,000 aggregate principal amount of the 7.00% senior secured notes due 2027 by the May 12, 2026 expiration, with an additional US$1,500,000 in principal subject to the guaranteed delivery procedures described in the Offer to Purchase.
What consideration will holders receive for the 2027 Studio City notes?
For each US$1,000 principal amount of 2027 senior secured notes accepted, holders will receive US$1,001.25 in cash. This consideration applies to notes validly tendered and accepted under the conditional tender offer terms in the Offer to Purchase.
When did the Studio City conditional tender offer expire?
The conditional tender offer expired at 5:00 p.m., New York City time, on May 12, 2026. Notes may also be delivered under guaranteed delivery procedures, which have a separate deadline of 5:00 p.m., New York City time, on May 14, 2026.
When is settlement for the tendered 2027 Studio City notes expected?
Settlement is expected to occur on May 15, 2026. Subject to conditions, including a financing condition, Studio City Company expects to accept all validly tendered notes and pay the tender consideration to holders promptly after the expiration time.
Who is managing the Studio City 2027 notes tender offer?
Deutsche Bank AG, Singapore Branch is acting as dealer manager for the conditional tender offer, with support from its London and U.S. affiliates. Kroll Issuer Services Limited serves as tender and information agent, handling inquiries and documentation requests from noteholders.