Studio City $1.2 billion 5.875% and 7.250% high-yield issues

• Entertainment company Studio City has made a $1.2 billion senior secured notes offering, which is one of Asia's largest high-yield issues in 2016.
• The offering comprises $350 million of 5.875% senior secured notes due 2019 and $850 million of 7.250% senior secured notes due 2021.  
• Studio City Company is a subsidiary of Studio City International Holdings, which 60% is held indirectly by Melco Crown Entertainment.
• Studio City, the Hollywood-inspired, cinematically-themed resort in Macau, intends to use the net proceeds from the offering, together with cash on hand, to fund the repayment of its existing project financing comprising a senior secured term loan from 2012 that partially funded the greenfield construction of the resort. 
• Deutsche Bank acted as the sole global coordinator and left lead bookrunner, while Bank of America Merrill Lynch acted as joint bookrunner, and ANZ and BOC International acted as passive joint bookrunners.

Adam Majeed - Regional editor