Sands China Completes $1 Billion Senior Notes Offering to Refinance 2027 Maturity
Sands China closed a $1B private notes offering of $700M at 6.4% due 2032 and $300M at 6.7% due 2033. Proceeds refinance the $700M 2.3% notes due 2027 and repay the 2024 revolving facility. The notes will list in Hong Kong for professional investors only.
SCCG Take — The transaction extends maturities and maintains senior ranking, preserving balance-sheet flexibility for Macau operations. It signals continued access to debt markets for major concessionaires.
Sands China Ltd completed its private offering of an aggregate of US$1 billion in senior unsecured notes. The Macau casino operator's parent, Las Vegas Sands Corp, detailed the completion in U.S. filings, as reported by GGRAsia.
The issuance breaks down into US$700 million of 6.400-percent senior notes due in 2032 and US$300 million of 6.700-percent senior notes due in 2033. Sands China simultaneously applied to list the notes on the Hong Kong Stock Exchange for dealing by professional investors.
Terms of the Notes
The instruments are general senior unsecured obligations of Sands China. Each series ranks equally in right of payment with all existing and future senior unsecured debt. The notes rank senior in right of payment to all future subordinated debt, if any. Their pricing had been confirmed in an October 28 filing in Hong Kong.
Use of Proceeds
Sands China will direct net proceeds, along with cash on hand, to redeem in full the outstanding principal of its US$700 million 2.300-percent senior notes due in 2027 plus accrued interest. The remainder repays the outstanding balance on its 2024 revolving facility and supports general corporate purposes, including capital expenditure.
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