Sands China prices US$1.0bn notes to refinance March 2027 debt
Two-tranche senior unsecured offering to raise about US$989m; closing expected 3 November.
Key Takeaways
- Sands China Ltd priced US$1.0 billion in senior unsecured notes across two tranches and expects net proceeds of about US$989 million.
- The offering comprises US$700 million at 6.4% due 8 January 2032 (priced at 99.851%) and US$300 million at 6.7% due 8 November 2033 (priced at 99.954%).
- Proceeds, plus cash on hand, will redeem US$700 million of 2.3% notes due 8 March 2027 and repay the 2024 revolving credit facility.
- Barclays Capital Inc, BofA Securities Inc and Goldman Sachs & Co LLC are representatives of the initial purchasers and the deal is expected to close on 3 November.
Sands China Ltd has priced US$1.0 billion in senior unsecured notes across two tranches, with net proceeds expected to be approximately US$989 million, the company said in a Hong Kong Stock Exchange filing on Wednesday. The move partly refinances US$700 million of 2.3-percent senior notes due on 8 March 2027 and also repays amounts under its 2024 revolving credit facility.
Deal structure and pricing
The offering consists of two tranches:
US$700 million of notes carrying an annual interest rate of 6.4 percent, maturing on 8 January 2032, priced at 99.851 percent of principal.
US$300 million of notes with a 6.7-percent coupon, due on 8 November 2033, priced at 99.954 percent of principal.
Interest on both tranches will be payable semi-annually. 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 the proceeds, together with cash on hand, will be used to redeem in full the outstanding US$700 million of 2.3-percent senior notes due 8 March 2027, including accrued interest. The funds will also repay the outstanding balance under the group's 2024 revolving credit facility and support general corporate purposes, including capital expenditure; the filing did not allocate amounts to each use. The transaction is expected to close on 3 November, subject to customary closing conditions.
The company has received an eligibility letter from the Hong Kong Stock Exchange for the proposed listing of the notes. Sands China Ltd is a subsidiary of U.S.-based Las Vegas Sands Corp and operates The Venetian Macao, The Londoner Macao, The Parisian Macao and the Plaza Macao in Cotai, plus Sands Macao on the city peninsula.
"The issuance would extend the company’s debt maturity profile and further strengthen the group’s liquidity position," the company's board said in the filing, referring to the notes issue.
Frequently Asked Questions
What size and tranches are in Sands China's note offering?
The offering is US$1.0 billion in two tranches: US$700 million at 6.4% due 8 January 2032 and US$300 million at 6.7% due 8 November 2033. The 2032 notes were priced at 99.851% and the 2033 notes at 99.954%.
How will Sands China use the proceeds from the notes?
Sands China will use the proceeds together with cash on hand to redeem in full US$700 million of 2.3% senior notes due 8 March 2027 and to repay the outstanding balance under its 2024 revolving credit facility, plus general corporate purposes including capital expenditure.
Who are the initial purchasers of the notes and when does the transaction close?
Sands China entered 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, subject to customary closing conditions.
Did Sands China secure listing eligibility for the notes?
Yes, Sands China has received an eligibility letter from the Hong Kong Stock Exchange for the proposed listing of the notes, according to the company's filing.
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Oliver Grant
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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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