MACAU, Nov. 15, 2016 (GLOBE NEWSWIRE) -- Studio City, the Hollywood-inspired, cinematically-themed resort, today announces that Studio City Company Limited (" SCC") proposes to conduct an international offering of senior secured notes due 2019 (the " 2019 Notes") and senior secured notes due 2021 (the " 2021 Notes" and together with the 2019 Notes, the " Notes") and the net proceeds from the proposed offering will be used, together with cash on hand, to fund the repayment in full of the HK$10,855,880,000 senior secured term loan and revolving facilities agreement, dated January 28, 2013 (as amended from time to time), entered into between, among others, SCC as borrower and certain subsidiaries as guarantors (other than HK$1 million which will be rolled over into a term loan facility under the 2021 Senior Secured Credit Facilities (as defined below)). Studio City also announces SCC entered into a commitment letter on November 9, 2016 with a lender for senior secured credit facilities (the " 2021 Senior Secured Credit Facilities") in an aggregate amount of HK$234,000,000 which consist of a HK$1 million term loan facility and a HK$233 million revolving credit facility. The availability of the 2021 Senior Secured Credit Facilities is subject to agreeing definitive documentation and the satisfaction of certain conditions precedent. SCC is a subsidiary of Studio City International Holdings Limited, of which 60% is held indirectly by Melco Crown Entertainment Limited (" Melco Crown Entertainment") and 40% is held directly by New Cotai, LLC. The Notes are proposed to be senior secured obligations of SCC, ranking equally with all of SCC's existing and future senior indebtedness (although any liabilities in respect of obligations under the 2021 Senior Secured Credit Facilities that are secured by common collateral securing the proposed Notes will have priority over the proposed Notes with respect to any proceeds received upon any enforcement action of such common collateral) and ranking senior to all of SCC's existing and future subordinated indebtedness. The Notes are proposed to be guaranteed by Studio City Investments Limited and all of the subsidiaries of SCC on a senior basis (the " Note Guarantees"). Melco Crown Entertainment will not be a guarantor for the Notes. The interest rate and other terms of the Notes will be determined at the time of pricing of the offering. Completion of the proposed Notes offering is subject to market conditions and investor interest. As no binding agreement in relation to the proposed Notes has been entered into as at the date of this press release, the proposed Notes may or may not be issued.