Sands China Completes US$1bn Private Senior Notes Offering
Deal splits into US$700m due 2032 and US$300m due 2033; listing application filed in Hong Kong.
Key Takeaways
- Sands China completed a private offering of US$1-billion in senior unsecured notes.
- The offering is US$700-million of 6.400% notes due 2032 and US$300-million of 6.700% notes due 2033.
- Sands China applied to list the notes in Hong Kong for professional investors.
- Net proceeds and cash will redeem US$700-million of 2.300% notes due 2027 and repay the 2024 revolving facility balance.
Sands China Ltd completed on Tuesday a private offering of an aggregate of US$1-billion in senior unsecured notes, filings by its United States-based parent Las Vegas Sands Corp showed. The offering comprises 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; pricing was confirmed in an October 28 filing in Hong Kong.
Deal details
The instruments are described in the U.S. filings as general senior unsecured obligations of Sands China. The company told the Hong Kong Stock Exchange on the same day that it had applied to list the notes in Hong Kong and to permit them to be dealt in by professional investors.
Use of proceeds and debt ranking
Las Vegas Sands Corp said Sands China intends to use the net proceeds, together with cash on hand, to redeem in full the outstanding principal amount of its US$700-million 2.300-percent senior notes due in 2027 and any accrued interest. The parent added proceeds will also be used to repay the outstanding balance on Sands China’s 2024 revolving facility and for general corporate purposes, including capital expenditure.
"Each series of notes will rank equally in right of payment with all of Sands China’s existing and future senior unsecured debt and will rank senior in right of payment to all of Sands China’s future subordinated debt, if any," the parent observed.
The Hong Kong pricing confirmation on October 28 and the U.S. filings on Tuesday are the filings referenced by the companies.
Frequently Asked Questions
What were the sizes and coupons of the notes Sands China issued?
Sands China issued 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. The aggregate principal amount of the offering is US$1-billion.
How will Sands China use the proceeds from the offering?
Sands China will use net proceeds, together with cash on hand, to redeem in full the outstanding principal of its US$700-million 2.300-percent senior notes due in 2027 and any accrued interest, to repay the outstanding balance on its 2024 revolving facility, and for general corporate purposes including capital expenditure.
Did Sands China seek a Hong Kong listing for the notes?
Yes. Sands China told the Hong Kong Stock Exchange it had applied to list the notes in Hong Kong and to permit them to be dealt in by professional investors, according to the company's disclosure the same day as the U.S. filings.
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Oliver Grant
Industry Technology Correspondent
Oliver Grant covers the technology and business machinery of iGaming — platform and data deals, AI and compliance tooling, affiliate and marketing shifts, and the quarterly numbers behind them. The reports lead with the announcement, name the vendors and figures exactly as published, and separate genuine capability from press-release promise. When a supplier ships a new engine or a regulator tightens ad rules, Oliver Grant explains what actually changes for the companies involved.
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