The business’ wholly owned subsidiary, Studio City Company Ltd, will conduct the proposed offering, with the interest rate and other terms to be determined when the offering is priced.

“Studio City Company Ltd today announces that it proposes to conduct an international offering of senior secured notes and the net proceeds from the proposed offering will be used to partially fund the capital expenditures of the remaining project for Studio City and for general corporate purposes,” it said in a statement.

Studio City Investments Ltd and its existing subsidiaries, excluding Studio City Company, have been tipped to guarantee the notes. However, neither SCIHL nor its parent company Melco Resorts & Entertainment will serve as a guarantor.

The company also added: “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.”

In a separate release, SCIHL revealed that it had entered into subscription agreements with “certain existing institutional holders of its ordinary shares and American Depositary Shares.”

This private placement is expected to deliver around $300m, further supporting its Phase 2 development.

Studio City is a Hollywood studio-themed integrated resort located in Cotai, Macau. Its Phase 2 project represents a major expansion, adding around 250,000 square metres of gaming space.

The development has been priced at approximately $1.3bn and is due to open in December 2022.