Studio City, Melco Crown’s newest Macau resort, has announced it will issue bonds to refinance its US.4 billion credit facility. According to the Asia Gaming Brief, he bonds will include senior secured notes due in 2019 and 2021.
“From our initial read of the press release, the two new notes will be pari passu with each other and senior to the existing US$825mm 8.5 percent notes due 2020,” said Sanford C. Bernstein in a note, which added that the refinancing may push out maturities as the existing credit facility was due to mature in January 2018, and revise financial covenants which likely would have been breached for the Q1 2017 covenant tests.
