MSC · Studio City International Holdings Limited

Studio City Company is pursuing a refinancing transaction by proposing an international offering of new senior secured notes, which will rank pari passu with its existing senior debt but junior to a US$30 million secured credit facility on shared collateral. The notes will be backed by guarantees from Studio City Investments Limited and its subsidiaries excluding the issuer itself, providing creditor protection without obligating the parent entities SCIHL or Melco Resorts. The primary use of proceeds is to fully retire the existing 7.00% senior secured notes due 2027 through a conditional cash tender offer launched concurrently, offering a premium of US$1,001.25 per US$1,000 principal amount, with a minimum tender size of US$200,000. The tender expires on May 12, 2026, with settlement expected May 15 if conditions are met, followed by conditional redemption of any untendered notes on June 5, 2026 at par plus accrued interest. This structure aims to extend maturities and potentially lower costs, pending market acceptance, as no binding commitments exist and completion hinges on investor interest and financing sufficiency. Investors should monitor pricing announcements and tender participation for execution risk.