Ashurst acts in US$1.2b bond offering

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Ashurst advised Studio City Company Limited in its offering of US$1.2 billion (about $1.61 billion) of senior secured notes.
The Ashurst team was led by partner Anna-Marie Slot, assisted by partners Stuart Rubin and David Nirenberg, counsels Ethan Perry and Sharon Kim, senior associate Li Jiang, associate Deland Ji and trainee Louise Johnson.
The offering, one of the largest Asian high yield offerings in 2016, is comprised of US$350 million (about $468.3 million) of 5.875% senior secured notes due 2019 and US$850 million (about $1.14 billion) of 7.250% senior secured notes due 2021.
Studio City Company Limited is a subsidiary of Studio City International Holdings Limited, which 60% is held indirectly by Melco Crown Entertainment Limited.
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 which partially funded the greenfield construction of the resort. Ashurst acted for Studio City Company Limited in the loan financing in 2012.
Deutsche Bank acted as the sole global coordinator and left lead bookrunner. Bank of America Merrill Lynch acted as the joint bookrunner, while ANZ and BOC International acted as passive joint bookrunners.

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