Sands China to redeem US$1.80bn in senior unsecured notes
The company plans to exercise its option to redeem the 2025 notes in whole on June 11.
Macau.- Sands China has announced its intention to exercise the option to redeem the remaining balance of its US$1.8bn in senior unsecured notes, which are due on August 8, on June 11 pending the closure of a financing deal.
Sands China said that, at the close of business on May 22, the aggregate outstanding principal amount of the 2025 notes was US$1.63bn. The 2025 notes were made up of 5.125 per cent registered senior notes due August 8, 2025, and issued on January 29, 2019.
For the first quarter of the year, Sands China posted a net revenue of US$1.70bn, down 3.96 per cent in quarter-on-quarter terms and 5.7 per cent when compared to last year. Net income was US$202m, down 32 per cent year-on-year.
The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$535m, down 12.3 per cent in year-on-year terms. Capital expenditures totalled US$379m, including US$197m for construction, development and maintenance activities in Macau.
