Sands China proposes dollar notes to refinance US$700m 2027 bonds
Parent Las Vegas Sands announced the planned issuance and HKEX eligibility letter on Monday.
Key Takeaways
- Sands China plans U.S. dollar senior unsecured notes with proceeds to redeem US$700 million of debt due in 2027.
- The company will use net proceeds plus cash to redeem its US$700-million, 2.300-percent senior notes due in 2027, including accrued interest.
- Proceeds will also repay the outstanding balance on the 2024 revolving credit facility and fund general corporate purposes, including capital expenditure.
- Sands China has received an eligibility letter to list the new notes on the Hong Kong Stock Exchange but has no binding agreement and said the deal may not materialise.
- Third-quarter adjusted property EBITDA was US$529 million, down 12.0% year-on-year, on net revenues of US$1.94 billion, up 1.8%.
Sands China Ltd plans to issue U.S. dollar-denominated senior unsecured notes, with part of the proceeds earmarked to redeem US$700 million of debt maturing in 2027, the company's parent Las Vegas Sands Corp announced on Monday. Principal amounts, interest rates and other terms will be set at pricing, and no binding agreement had been reached as of the announcement.
Use of proceeds and listing
Sands China intends to use the net proceeds, together with cash on hand, to redeem in full its outstanding US$700-million, 2.300-percent senior notes due in 2027, including accrued interest. The company also said the proceeds will be used to repay the outstanding balance on its 2024 revolving credit facility and for general corporate purposes, including capital expenditure. The announcement did not disclose the outstanding balance on the revolving facility or how much will be allocated to capital expenditure.
The group proposes to list the new notes on the Hong Kong Stock Exchange and said it has received an eligibility letter from the bourse. The statement cautioned the transaction “may or may not materialise”.
Recent operating results and assets
Sands China reported third-quarter adjusted property EBITDA of US$529 million, down 12.0 percent year-on-year, on net revenues of US$1.94 billion, up 1.8 percent year-on-year. The company’s Macau portfolio includes The Venetian Macao, The Londoner Macao, The Parisian Macao and the Plaza Macao in Cotai, as well as Sands Macao on the city’s peninsula.
Frequently Asked Questions
What debt is Sands China aiming to refinance with the proposed notes?
Sands China aims to redeem its outstanding US$700-million, 2.300-percent senior notes due in 2027. The company said it will use net proceeds and cash on hand to redeem those notes in full, including accrued interest.
Has Sands China completed the notes offering?
No; no binding agreement had been made as of the Monday announcement. The company stated the transaction “may or may not materialise.”
Will the new notes be listed and where?
Sands China proposes to list the new notes on the Hong Kong Stock Exchange and has received an eligibility letter from the bourse. The proposal remains subject to final terms and completion.
What else will the offering proceeds be used for?
Proceeds are also planned to repay the outstanding balance on Sands China’s 2024 revolving credit facility and for general corporate purposes, including capital expenditure. The company did not disclose the outstanding balance on the facility or the capex allocation.
How did Sands China perform financially in the third quarter?
Sands China reported third-quarter adjusted property EBITDA of US$529 million, a 12.0 percent decline year-on-year, on net revenues of US$1.94 billion, which rose 1.8 percent year-on-year.
Tags
About the author
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.
More from Oliver Grant
