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Studio City Finance Limited - Tender Offer - Early Results and Upsizing

Studio City Finance Limited Announces Results of Early Tender and Upsizing of its Tender Offer for Its 6.000% Senior Notes due 2025 - US86389QAE26 and USG85381AE48


24 NOVEMBER 2023


Full announcements, including disclaimers and restrictions available via Source: Globenewswire: Studio City 


"MACAU, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Studio City Finance Limited (“Studio City Finance”) today announces the expiration of the early tender period and results of early tender of its previously announced cash tender offer for up to an aggregate principal amount of US$75 million of its outstanding 6.000% senior notes due 2025 (ISIN: US86389QAE26 and USG85381AE48) (the “Notes” and such tender offer, the “Tender Offer”). Studio City Finance has elected to amend the Tender Offer to increase the aggregate principal amount of Notes subject to the Tender Offer from US$75.0 million to US$100.0 million (as amended, the “Maximum Tender Amount”), with all other terms and conditions of the Tender Offer remaining unchanged and described in the Offer to Purchase dated November 9, 2023 (the “Offer to Purchase”). Capitalized terms used in this announcement but not defined herein have the meanings given to them in the Offer to Purchase.


The early tender period expired at 5:00 p.m., New York City time, on November 22, 2023 (the “Early Tender Date”). At the Early Tender Date, valid tenders had been received (and not validly withdrawn) with respect to US$317,461,000 aggregate principal amount of the Notes.


Subject to the General Conditions set out in “The Offer—Conditions to the Offer” in the Offer to Purchase having been satisfied or otherwise waived by Studio City Finance, as the case may be, Studio City Finance expects to accept for purchase the Notes that were validly tendered (and not validly withdrawn) pursuant to the Tender Offer by the Early Tender Date for a combined aggregate principal amount equal to the Maximum Tender Amount. The settlement for the Notes accepted by Studio City Finance in connection with the Early Tender Date is expected to take place on November 28, 2023 (the “Early Payment Date”). The amount of Notes that is to be purchased on the Early Payment Date will be determined in accordance with the proration procedures described in the Offer to Purchase, subject to the Maximum Tender Amount. It is expected that the Notes shall be accepted subject to a proration factor of approximately 30.3%."


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Studio City Finance Limited Announces Tender Offer for Up to US$75 Million of Its 6.000% Senior Notes due 2025 - US86389QAE26 and USG85381AE48


09 NOVEMBER 2023


Full announcements, including disclaimers and restrictions available via Source: Globenewswire: Studio City


MACAU, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Studio City Finance Limited (“Studio City Finance”) today announces that it has initiated a cash tender offer for up to an aggregate principal amount of US$75 million (the “Maximum Tender Amount”) of its outstanding 6.000% senior notes due 2025 (ISIN: US86389QAE26 and USG85381AE48) (the “Notes” and such tender offer, the “Tender Offer”).

The Tender Offer is being made upon and is subject to the terms and conditions set out in the Offer to Purchase, dated November 9, 2023 (the “Offer to Purchase”). The Tender Offer will expire at 5:00 p.m., New York City time, on December 8, 2023, unless extended or terminated by Studio City Finance (the “Expiration Time”). Tenders of the Notes may be withdrawn at any time at or prior to 5:00 p.m., New York City time, on November 22, 2023 (the “Withdrawal Deadline”), but may not be withdrawn thereafter except in certain limited circumstances where additional withdrawal rights are required by law.


The consideration for each US$1,000 principal amount of Notes validly tendered (and not validly withdrawn) on or prior to 5:00 p.m., New York City time, on November 22, 2023 (the “Early Tender Date”), and accepted for purchase will be US$975, which includes an early tender premium. The consideration for each US$1,000 principal amount of Notes validly tendered (and not validly withdrawn) after the Early Tender Date and on or prior to the Expiration Time and accepted for purchase will be US$945. Notes will be accepted only in minimum denominations of US$200,000 and integral multiples of US$1,000 in excess thereof. The Notes may be subject to proration if the aggregate principal amount of the Notes validly tendered (and not validly withdrawn) would cause the Maximum Tender Amount to be exceeded."


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