Appleby’s Hong Kong office wins Asia-Pacific Leisure Deal of the Year award

Appleby has announced that its Hong Kong office received the Asia-Pacific Leisure Deal of the Year award at the 2013 Project Finance Awards. The awards were announced at a celebratory dinner held on 13 March in New York.

Appleby acted as British Virgin Islands counsel for Studio City Company, advising on offshore financing issues in the creation of a $1.4bn (£850m) senior secured project facility with Studio City serving as borrower. The agreement consists of both a delayed draw term loan facility and revolving credit facility.

Studio City is a joint venture between Melco Crown Entertainment, which holds a majority stake in the company, and New Cotai, a holding company controlled by private equity sponsors.

The Appleby team was led by Judy Lee, a corporate partner in Appleby’s Hong Kong office, assisted by senior associate Paul Cheuk.

Studio City is developing the Studio City Project, a cinematically themed integrated resort designed to deliver a unique entertainment proposition to visitors to Macau. Studio City is one of the few integrated resort development projects to be developed in Cotai that currently has a land grant concession.

The Project Finance Awards recognise innovation and excellence across the project finance markets. The awards are presented by Project Finance magazine.

This content was originally sourced from the Appleby website.

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