Sands China places US$1.0bn in bonds to refinance debt
Two tranches due 2032 and 2033; closing set for 3 Nov with net proceeds ~US$989m
Key Takeaways
- Sands China placed US$1.0 billion of unsecured senior notes in two tranches and expects net proceeds of about US$989m.
- The US$700m tranche carries a 6.4% coupon due 8 Jan 2032; the US$300m tranche carries a 6.7% coupon due 8 Nov 2033.
- Proceeds will be used to redeem US$700m of 2.3% notes maturing 8 Mar 2027, pay down the 2024 revolving credit facility balance and fund capex and corporate activity.
- The transaction is expected to close on 3 November 2026, and Sands China received an eligibility letter from the Hong Kong Stock Exchange.
Sands China Ltd placed US$1.0 billion of unsecured senior notes in an offering announced on Wednesday 28 October 2026, partly to refinance US$700 million of debt maturing in March 2027. The deal was structured in two tranches and the company expects to receive net proceeds of approximately US$989 million.
Details of the offering
The issuance consists of:
US$700 million of notes carrying an annual coupon of 6.4% due 8 January 2032; they were priced at 99.851% of par.
US$300 million of notes with a 6.7% coupon due 8 November 2033; they were placed at 99.954%.
Interest on both tranches will be paid semi-annually, according to the document filed by the company with the [Hong Kong Stock Exchange](/regulation). Sands China said it entered into a purchase agreement on Tuesday with Barclays Capital Inc, BofA Securities Inc and Goldman Sachs & Co LLC as representatives of the initial purchasers.
Use of proceeds and timetable
Sands China said net proceeds, together with available cash, will be used to redeem in full its US$700 million of 2.3% senior notes due 8 March 2027, including accrued interest. The remainder of the proceeds will also be used to pay the outstanding balance under its 2024 revolving credit facility and to support general corporate purposes and capital expenditure; the filing did not break out amounts allocated to each use.
The transaction is expected to close on 3 November 2026, subject to customary closing conditions. Sands China received a letter of eligibility from the Hong Kong Stock Exchange for potential listing of the notes.
The board said the issuance will "extend the company’s debt maturity profile and further strengthen" the group’s liquidity position.
Sands China is a subsidiary of Las Vegas Sands Corp and operates in Macau assets including The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao on Cotai and Sands Macao on the peninsula.
Frequently Asked Questions
How much did Sands China issue and how was the deal structured?
Sands China issued US$1.0 billion of unsecured senior notes split into two tranches: US$700 million at 6.4% due 8 January 2032 and US$300 million at 6.7% due 8 November 2033.
What will Sands China use the proceeds for?
Net proceeds, together with available cash, will be used to redeem in full US$700 million of 2.3% senior notes due 8 March 2027; the remainder will pay the outstanding balance under the 2024 revolving credit facility and support general corporate purposes and capital expenditure.
Who placed the bonds and when does the transaction close?
Sands China entered into a purchase agreement with Barclays Capital Inc, BofA Securities Inc and Goldman Sachs & Co LLC as representatives of the initial purchasers; the transaction is expected to close on 3 November 2026, subject to customary conditions.
What did the board say about the impact of the issuance?
The board stated the issuance will "extend the company’s debt maturity profile and further strengthen" the group’s liquidity position, according to the filing with the Hong Kong Stock Exchange.
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Emilio Navarro
Industry Technology Correspondent
Emilio Navarro covers the cross-cutting technology and business of iGaming — platforms, data and AI, compliance tooling, affiliate marketing, financial results, and the stories that fit no single rubric. The reports open with the announcement, cite vendors and figures exactly as published, and keep a healthy distance from press-release language. When a supplier unveils a new engine or the advertising rulebook changes, Emilio Navarro reports what genuinely changes.
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