Studio City Finance Ltd, the operating entity of Melco Resorts & Entertainment’s Studio City integrated resort in Macau, said Thursday it had repurchased another US$37,567,700 worth of its outstanding 6.000% Senior Notes due 2025, representing 7.5% of the aggregate principal amount of the Notes at the time of the initial listing.
The notes were repurchased in three tranches on 5 and 13 September and 11 December, the company explained, and have been cancelled.
This is the latest batch of repurchases for Studio City Finance, which previously announced in August the repurchase of US$37.8 million of its outstanding notes.
CBRE Credit Research observed at the time that the repurchase brought the total amount of the 6.000% Senior Notes due 2025 outstanding to US$260 million. This latest transaction further reduces that debt to a little over US$220 million.
Melco Resorts said earlier this year that it would continue to focus on debt reduction in the short term, having repaid almost US$1 billion in debt in 2023.
