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Melco's Studio City details terms of planned IPO

Melco International Development Ltd.'s casino resort operator Studio City International Holdings Ltd. on Oct. 10 detailed the terms of its planned U.S. IPO.

Studio City intends to offer 28,750,000 American depositary shares, with each ADS representing four class A ordinary shares. The estimated price range is between $10.50 and $12.50 per ADS.

The Melco unit is also granting underwriters a 30-day option to purchase up to an additional 4,312,500 ADSs.

Studio City, which runs a cinematic-themed resort of the same name in Macau, noted that it filed a registration statement for the offering with the SEC, but it has not yet become effective. Its ADSs may not be sold nor purchase offers accepted until then.

The company has applied to list its ADSs on the New York Stock Exchange under the ticker symbol MSC, according to the SEC document filed Sept. 7.

Studio City expects to use net proceeds from the IPO to acquire newly issued shares of its subsidiary MSC Cotai Ltd., which in turn plans to put those net proceeds toward paying down debt, among other purposes.

Melco Resorts & Entertainment Ltd., a Nasdaq-listed unit of Hong Kong's Melco International, owns 60% of Studio City and is expected to remain the majority shareholder following the offering.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. International PLC are are acting as joint book runners of the offering and also as representatives of the underwriters.