Melco Crown/Studio City notes price at par to yield 8.5%; terms

Melco Crown Entertainment/Studio City Finance today completed an offering of senior notes via bookrunners Deutsche Bank, ANZ, Bank of America, Bank of China, Citi, Credit Agricole, and UBS, according to sources. Final terms printed 12.5 bps wide of talk amid challenging market conditions but at the target size of $825 million. The Macau-based gaming company has earmarked proceeds to back the relaunched construction of its Studio City complex. Issuance is under Rule 144A for life via Studio City Finance Limited, a subsidiary of Melco Crown Entertainment. Terms:


Issuer Studio City Finance (Melco Crown)
Ratings B-/B3
Amount $825 million
Issue senior notes (144A-life)
Coupon 8.5%
Price 100
Yield 8.5%
Spread T+730
LIBOR Eq. L+717
Maturity Dec. 1, 2020
Call nc3
Trade Nov. 16, 2012
Settle Nov. 26, 2012 (T+6)
Jt Leads
Px talk 8.25% area



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