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Melco International Announces Proposed Studio City IPO

Asian casino operator Melco International Development Limited has announced the imminent launch of its New York Stock Exchange IPO for its Studio City International Holdings Limited subsidiary.

Approximately 28.75 million shares hope to earn between $31.88 million and $359.38 million from the action involved, which they plan to subsequently acquire "newly issued shares" from MSC Cotai Limited subsidiaries and, as a result, use to repay "certain existing liabilities."

Studio City International Holdings Limited is the company behind the Hollywood themed Studio City Macao Integrated Casino Resort, which opened near Cotai Street in Macau in 2015 at a cost of approximately $3.2 billion, while Melco International Development Limited will remain the majority shareholder through Melco Resorts and Entertainment Limited vehicles.

Melco International Development Limited's filing explained that it currently owns approximately 60% of Studio City International Holdings Limited, with the remaining stake managed by New Cotai Holdings LLC, which is controlled by U.S. investment firm Oaktree Capital Management LP and Silver Point Capital LP. Following the successful completion of the IPO, the two declared their willingness to hold 'approximately 88.9%' of the newly issued shares and remain 'major shareholders' of the current shares.

"The Company's indirect interest in Melco Resorts [and Entertainment Limited] will not be affected by the global offering and the Company will remain a majority shareholder in Melco Resorts [and Entertainment Limited]."

Melco Resorts and Entertainment Limited is already listed in the United States through the Nasdaq Exchange, and Credit Suisse Securities LLC, Deutsche Bank Securities Incorporated, and Morgan Stanley and Company International serve as bookrunners and representatives of the Studio City International Holdings Limited float.

Melco's filing states that the IPO will begin only after the New York Stock Exchange approves it and the U.S. Securities and Exchange Commission regulator declares that Studio City's revised registration statements are "effective."

If this does not happen, the company has declared that it will cancel the "proposed distribution" that is currently expected to pay investors about 1.5% of the total return on the float. The amount is expected to range from $4.53 million to $5.39 million, the details of the proposed distribution said in a statement: 'Details of the proposed distribution are yet to be finalized.'
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Wednesday, October 4, 2023

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