Sands China has announced it will issue new unsecured notes in three tranches to redeem in full the outstanding principal amount of its US$1.80bn 4.6 per cent senior notes due 2023.<\/p>\n\n\n\n\n\n\n\n
Macau.- Casino operator\u00a0Sands China<\/strong>\u00a0has announced it will list US$1.95bn in senior notes.\u00a0It said the first tranche of new notes will have a total value of US$700m<\/strong>, an annual interest rate of 2.3 per cent, and a maturity date of March 2027.\u00a0<\/p>\n\n\n\n The second phase totals US$650m<\/strong>, the interest rate is 2.85 per cent once a year, and it expires in March 2029.\u00a0The third phase is US$600m<\/strong>, with an annual interest rate of 3.25 per cent, due in August 2031.\u00a0<\/p>\n\n\n\n In a filing with the Hong Kong Stock Exchange, the company said it had signed purchase agreements with Barclays Capital, Bank of America Securities and Goldman Sachs\u00a0<\/strong>as representatives of the initial purchasers of the notes.\u00a0<\/p>\n\n\n\n The senior notes will have the same status as the company’s existing and future senior unsecured debts in terms of payment rights.<\/p>\n\n\n\n Sands China<\/a>\u00a0reported US$125m in net losses in August, and\u00a0net revenues at US$148m<\/strong>.\u00a0Adjusted negative property EBITDA was US$14m<\/strong>, compared to a positive EBITDA of US$44m in July.<\/p>\n\n\n\n Monthly gross gaming revenue for August <\/strong>was up 234 per cent year-on-year but down 82 per cent when compared to 2019 levels<\/strong>. Sands China said strict border restrictions <\/strong>implemented in Macau had deeply affected the results. <\/p>\n\n\n\n Macau\u2019s GGR<\/a> <\/strong>declined by 47.7 per cent month-on-month in August, a month that was impacted by local cases of Covid-19<\/a> and hundreds of cancelled flights. At MOP$4.44bn (US$554.5m), it was the lowest monthly GGR figure since September 2020.<\/p>\n\n\n\n Sands China said: \u201cThe Covid-19 pandemic has materially adversely affected the number of visitors to our facilities and disrupted our operations, and we expect this adverse impact to continue until the Covid-19 pandemic is contained.\u201d<\/p>\n\n\n\n As of August 31,\u00a0Sands China\u2019s total liquidity is US$2.56bn, including US$556m in cash and cash equivalents<\/strong>\u00a0(excluding restricted cash and cash equivalents) and US$2bn available under the 2018 SCL Revolving Facility.\u00a0<\/p>\n\n\n\n Macau\u2019s gross gaming revenue (GGR)\u00a0<\/strong>in August has negatively impacted the city\u2019s forecast for the year. Lei Wai Nong<\/strong>, Macau\u2019s secretary for economy and finance has now said that Macau is\u00a0revising GGR forecasts for the year\u00a0<\/strong>for the city\u2019s revised budget, which will be submitted to the Legislative Assembly.<\/p>\n\n\n\nMacau to revise 2021 GGR forecast<\/h2>\n\n\n\n