Studio City, an integrated resort located in Cotai, Macau, through its subsidiary, Studio City Company, entered into a senior credit facilities agreement, dated Nov. 29, 2024, with a syndicate of banks.
Under the terms of the 2024 credit facilities agreement, lenders have made available to Studio City Company HK$1.945 billion (equivalent to approximately US$250 million) in revolving credit facilities for a term of five years. The credit facility agreement also provides an option to increase the commitments under the senior revolving facility in an amount not exceeding US$100 million for Studio City Company to incur further indebtedness under the senior revolving facility, subject to the satisfaction of certain conditions. The senior revolving facility is secured and is supported by a guarantee from the company, Studio City Investments and each subsidiary of Studio City Company. The company intends to use the proceeds from the senior revolving facility to refinance outstanding indebtedness and for general corporate and working capital purposes.
Studio City Company also entered into an amendment and restatement agreement, dated Nov. 29, 2024, with, among others, Bank of China (Macau branch), in relation to the senior secured term loan and revolving facilities agreement dated March 15, 2021 (as amended and restated from time to time, and currently representing HK$234 million of committed facilities) to, among other things, align certain terms of the existing credit facilities with the terms of the 2024 credit facilities agreement.
