HONG KONG, China June 1, 2007 (NEWSWIRE) ¡X Macao Studio City, one of Asia's first integrated leisure resort properties combining studios, retail, gaming, entertainment and world-class hotels, announced today it has signed a commitment letter with Deutsche Bank and Morgan Stanley for US$1.20 billion in syndicated credit facilities and it expects to raise an additional US$500 million in debt financing for which it has signed an engagement letter with these two banks. The proposed financing will be provided to Cyber One Agents Limited and East Asia Televisao Por Satelite Limitada, a subsidiary of Cyber One Agents Limited, a joint venture between New Cotai LLC and Hong Kong-based eSun Holdings (¡§eSun¡¨; stock code: 571) (through its subsidiary, East Asia Satellite Television Holdings, in which Singapore's CapitaLand owns 33.3 per cent) in relation to the Macao Studio City project in Macao, China.
Proceeds from the entire financing are expected to be used to fund project costs associated with the design, development, construction and other pre-opening expenditures of the hotel, retail and entertainment portions of the Macao Studio City project, to pay related fees, interest and expenses incurred in connection with the syndicated credit facilities and the additional debt financing, and for other working capital and general corporate purposes.
The proposed financing remains subject to customary conditions, including the preparation, negotiation, execution and delivery of mutually acceptable loan documentation, satisfactory due diligence, obtaining the additional debt financing in the amount of US$500 million, and receipt of all applicable Macao government and other authority approvals in respect of the Macao Studio City project.
¡§Macao Studio City is very pleased to have signed these letters. It is an important step toward achieving our vision to develop an integrated resort combining hospitality with entertainment and retail,¡¨ said Mr. David Friedman, co-chairman and co-chief executive officer of Macao Studio City. ¡§We are very excited about working with our partners. Collaborating with leading companies, such as Marriott Hotels, The Ritz Carlton Hotels, David Tang's The Tang Hotel Group, retail developer Taubman Centers, Inc., one of Asia's largest listed real estate companies, CapitaLand and Asia's leading media and entertainment company, eSun Holdings, enables us to provide a truly unique offering, one that will offer a very different, memorable experience to visitors.¡¨
¡§We are proud to be partners with Deutsche Bank and Morgan Stanley. Macao Studio City will be an exciting destination that attracts visitors from Asia and beyond,¡¨ said Mr. Ambrose Cheung, co-chief executive officer of Macao Studio City. ¡§Besides boasting a truly differentiated offering compared to other properties in Macao, Macao Studio City will be the first landmark that many visitors will experience. Our unsurpassed location will give us an advantage over other properties along Cotai.¡¨
Macao Studio City will be developed on an approximately 33-acre site strategically located ¡§Where Cotai BeginsTM¡¨, next to the new Lotus Bridge immigration checkpoint, linking the complex directly to Zhuhai's Hengqin Island. When completed, Macao Studio City will boast some of the most comprehensive entertainment and retail facilities of any single property in Macao, with theaters, arenas, television and film production facilities, as well as a 1.4 million square feet Studio RetailTM complex ¡V created in partnership with Taubman Centers, Inc.
This press release is not, and is not intended to be, an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration on an exemption from registration under the U.S. Securities Act of 1933, amended (the "Securities Act") and any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.
