Melco Crown Entertainment (MPEL) Prices ~38.8M ADS Follow-on Offering at $5.15

August 13, 2009 8:33 AM EDT

Melco Crown Entertainment Limited (Nasdaq: MPEL) today announced that it has priced its previously announced follow-on public offering at US$5.15 per ADS following market close on Wednesday, August 12, 2009.

The offering comprised a public offering of 38,834,950 ADSs. Each ADS represents three ordinary shares of Melco Crown Entertainment Limited. The underwriters have an option to purchase up to an additional 3,883,495 ADSs from Melco Crown Entertainment Limited to cover over-allotments at the follow-on public offering price of US$5.15 per ADS less the underwriting discounts and commissions covering such over-allotments of ADSs.

Lawrence Ho, Co-Chairman and CEO of Melco Crown Entertainment Limited, provided additional commentary on the transaction by saying, "Year on year growth in gaming revenues for the whole of the Macau market re-emerged in July 2009, following soon after the successful opening of City of Dreams at the start of June. We are confident that a period of growth at sustainable levels is ahead of us and we continue to remain absolutely focused on the opportunities that this will present to our Company. The placement funds raised will better position us to be able to pursue future development opportunities while at the same time maintaining our rigorous approach to balance sheet prudence."

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