STCITY 6.000% 15Jul2025 Corp (USD)

Bond Factsheet

Matured/ Called

Studio City Finance Limited

Indicative

Full Lot

Bid Price

100.000

Change in Bid Price

Bid Yield (%)

Change in Bid Yield

Ask Price

100.050

Change in Ask Price

Ask Yield (%)

Change in Ask Yield

Indicative price as of 15 Jul 2025, 12:00am

chevron_leftchevron_right

Bond Information

Studio City Finance Limited operates entertainment businesses. The Company provides casino construction, management, operation, gambling, and other services. Studio City Finance conducts businesses in Hong Kong.

Bond Issuer

Studio City Finance Limited

Guarantor

Subsidiaries

Announcement Date

07 Jul 2020

Issue Date

15 Jul 2020

Maturity Date

15 Jul 2025

Years to Maturity / Next Call

- / -

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

6.000

Coupon Type

Fixed

Annual Coupon Rate

6.000

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

USG85381AE48

CUSIP

BK4197913

Bond Currency

USD

Total Issue Size

500,000,000

Outstanding Issue Size

221,622,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

High Yield Corporate

Bond Sector

Consumer Discretionary

Bond Sub Sector

Hotels Restaurants and Leisure

Issuer Credit Rating (S&P/ Fitch)

***/ N.R

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

SGX

Bond Feature(s)

Issuer Call

On or after July 15, 2022, the Company may redeem all or a part of the 2025 Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, on the 2025 Notes redeemed, to the applicable redemption date, if redeemed during the periods indicated below, subject to the rights of holders of the 2025 Notes on the relevant record date to receive interest on the relevant interest payment date:

Period	Redemption Price
Twelve-month period on or after July 15, 2022	103.000%
Twelve-month period on or after July 15, 2023	101.500%
On or after July 15, 2024	100.000%

Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the 2025 Notes or portions thereof called for redemption on the applicable redemption date.

Make Whole Call

At any time prior to July 15, 2022, the Company may redeem all or a part of the 2025 Notes, upon not less than 30 nor more than 60 days' notice, at a redemption price equal to 100% of the principal amount of the 2025 Notes redeemed plus the 2025 Applicable Premium as of, and accrued and unpaid interest to, the date of redemption, subject to the rights of holders of 2025 Notes on the relevant record date to receive interest due on the relevant interest payment date.

"2025 Applicable Premium" means, with respect to any 2025 Note on any redemption date, the greater of: (1) 1.0% of the principal amount of the Note; or (2) the excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at July 15, 2022 (such redemption price being set forth in the table appearing above under the caption "Optional Redemption-2025 Notes"), plus (ii) all required interest payments due on the Note through July 15, 2022 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the principal amount of the Note, if greater, as calculated by the Company or on behalf of the Company by such Person as the Company may engage. For the avoidance of doubt, calculation of the 2025 Applicable Premium shall not be a duty or obligation of the 2025 Notes Trustee, the applicable Paying Agent, the applicable Transfer Agent, or the applicable Registrar.

Change Control Put

Upon the occurrence of a Change of Control, each holder will have the right to require the Company to repurchase all or any part of such holder's Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), except to the extent the Company has previously or concurrently elected to redeem the applicable series of Notes in full as described under "-Optional Redemption."

"Change of Control" means the occurrence of any of the following:

(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any "person" or "group" (as such terms are used in Section 13(d) of the Exchange Act) (other than Melco Resorts or a Related Party of Melco Resorts);

(2) the adoption of a plan relating to the liquidation or dissolution of the Company; or

(3) the first day on which:

(a) Melco Resorts ceases to own, directly or indirectly, (i) a majority, or (ii) if Melco Resorts is authorized by the relevant Gaming Authority or is otherwise permitted to hold less than 50.1% of Equity Interest in Studio City International, the greater of (x) such lesser percentage and (y) 35%, of the outstanding Equity Interests and/or Voting Stock of each of the Company and Studio City Holdings Five Limited (or any Person which becomes a "Golden Shareholder" and/or a "Preference Holder" under the Direct Agreement pursuant to the terms thereof, if any); (b) Melco Resorts ceases to own, directly or indirectly, less than 50.1% of Equity Interest in Melco Resorts Macau (or another operator of the Studio City Casino); or (c) Melco Resorts ceases to have, directly or indirectly (through a Subsidiary), the power to nominate a number of directors on the Board of Directors of the Company who are entitled to cast a majority of the votes which may be cast at a meeting of the Board of Directors of the Company.

Equity Call

At any time prior to July 15, 2022, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2025 Notes issued under the 2025 Notes Indenture at a redemption price of 106.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date (subject to the rights of holders of 2025 Notes on the relevant record date to receive interest on the relevant interest payment date), with the net cash proceeds of one or more Equity Offerings; provided that: (1) at least 65% of the aggregate principal amount of 2025 Notes originally issued under the 2025 Notes Indenture (excluding 2025 Notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and (2) the redemption occurs within 45 days of the date of the closing of such Equity Offering.

Bondsupermart strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.