Sands China concludes US$1bn senior unsecured notes sale
The Macau gaming company plans to use the proceeds alongside available cash to redeem US$700m in existing notes and repay its revolving credit facility.
Macau.- The casino operator Sands China Ltd has completed its US$1bn private offering of senior unsecured notes, divided into two tranches maturing in 2032 and 2033. In a November 3 filing with the US Securities and Exchange Commission (SEC), majority shareholder Las Vegas Sands Corp confirmed completion of the offering on the same day.
The issuance comprises US$700m of 6.4 per cent senior notes due January 8, 2032, and US$300m of 6.7 per cent senior notes due November 8, 2033. Sands China said it would combine the net proceeds with available cash to redeem its US$700m of 2.3 per cent senior notes due in 2027, including accrued interest, and repay the outstanding balance on its 2024 revolving credit facility.
The company also plans to allocate part of the funds to general corporate purposes, including capital expenditure. The notes were priced on October 27, with Sands China expecting to raise approximately US$989m in net proceeds after expenses.
The notes were issued through a private offering to qualified institutional buyers and non-US investors outside the United States under Rule 144A and Regulation S, respectively. They were not registered for public sale under the US Securities Act of 1933. Sands China has applied to the Hong Kong Stock Exchange to list the two series of notes for trading by professional investors, with the listing and trading permission expected to take effect today (November 4).
