{"id":13625,"date":"2021-01-21T21:05:32","date_gmt":"2021-01-21T21:05:32","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=13625"},"modified":"2026-04-23T22:29:21","modified_gmt":"2026-04-24T01:29:21","slug":"sjm-sells-us1bn-in-notes-to-cancel-grand-lisboa-loans","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/sjm-sells-us1bn-in-notes-to-cancel-grand-lisboa-loans","title":{"rendered":"SJM sells US$1bn in notes to cancel Grand Lisboa loans"},"content":{"rendered":"\n<p>The Macau operator has entered two agreements to sell senior notes and cancel facilities obtained for the construction of Grand Lisboa Palace.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Macau.- <strong>SJM Holdings <\/strong>has entered two agreements to sell senior notes for a total of almost<strong> US$1bn<\/strong> in order to use the proceeds to <strong>cancel bank loans <\/strong>related to the construction of <strong>Grand Lisboa Palace.<\/strong><\/p>\n\n\n\n<p>One of the operations was for <strong>US$500m in 4.5 per cent <\/strong>US dollar-denominated senior notes issued by a subsidiary, Champion Path Holdings, and due 2026.<\/p>\n\n\n\n<p>The remaining amount, another<strong> US$500m was issued in 4.85 per cent <\/strong>senior notes due 2028.<\/p>\n\n\n\n<p>The company said it expects to<strong> raise US$991m <\/strong>after deducting discounts and estimated expenses.<\/p>\n\n\n\n<p>About 90 per cent of that will be destined to <strong>refinancing secured bank loans<\/strong> for the <strong>Grand Lisboa Palace<\/strong> project and the rest for general corporate purposes.<\/p>\n\n\n\n<p>Some US$79.5m of the notes have been acquired by the controlling shareholder, STDM, and directors of SJM Holdings.<\/p>\n\n\n\n<p>SJM\u2019s secured bank loans amount to almost HK$20.6bn, US$260m and MOP2.3bn in term loan facilities.<\/p>\n\n\n\n<p>Grand Lisboa Palace\u2019s opening in the Cotai district is expected in the <strong><em><a href=\"https:\/\/focusgn.com\/asia-pacific\/sjm-cancels-new-year-countdown-show\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline\">first quarter of 2021.<\/span><\/a><\/em><\/strong><\/p>\n\n\n\n<p>Fitch Ratings recently forecast that the venue will generate EBITDA of HK$2bn (US$258m) by 2022 and HK$3.5bn <span style=\"text-decoration: underline\">(<strong><em><a href=\"https:\/\/focusgn.com\/asia-pacific\/grand-lisboa-palace-to-see-ebitda-of-us451m-by-2023\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">US$451m) by 2023.<\/a><\/em><\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Macau operator has entered two agreements to sell senior notes and cancel facilities obtained for the construction of Grand Lisboa Palace.<\/p>\n","protected":false},"author":2,"featured_media":13627,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"SJM Holdings is refinancing approximately US$1 billion in secured bank loans for its Grand Lisboa Palace project in Macau through the issuance of senior notes. This financial maneuver aims to optimize the capital structure ahead of the integrated resort's anticipated Q1 2021 opening, with a portion of the notes acquired by the controlling shareholder. The proceeds will primarily be used to cancel existing bank loans, with the remainder allocated for general corporate purposes.","focusai_entities":"SJM Holdings, Champion Path Holdings, STDM, Fitch Ratings","focusai_location":"Macau, Cotai","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"SJM Debt Structure Impact","query":"How will the shift from secured bank loans to senior notes impact SJM Holdings' overall cost of capital and financial flexibility post-Grand Lisboa Palace's operational commencement?"},{"label":"Grand Lisboa Palace Outlook","query":"What are the projected GGR and NGR contributions of Grand Lisboa Palace to SJM Holdings' consolidated financials, particularly in light of Fitch's EBITDA forecasts for 2022 and 2023, and how does this align with market expectations for the Cotai gaming vertical?"}],"footnotes":""},"categories":[16338,163],"tags":[22181,23906,23108],"class_list":["post-13625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-grand-lisboa","tag-macau-casinos","tag-sjm-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=13625"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13625\/revisions"}],"predecessor-version":[{"id":13646,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13625\/revisions\/13646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13627"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=13625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=13625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=13625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}