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Sands China announces US$1.5 billion bond offering

Ben Blaschke by Ben Blaschke
Wed 3 Jun 2020 at 05:57
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Sands China Ltd has announced it will offer US$1.5 billion in senior notes to boost liquidity while it navigates the COVID-19 pandemic.

After initially revealing its intention to offer on Tuesday, Sands China released details of the offering early Wednesday morning Macau time, which will include US$800 million of 3.800% senior notes due 2026 and US$700 million of 4.375% senior notes due 2030. The offering is expected to close on 4 June 2020.

“Sands China intends to use the net proceeds of approximately $1.49 billion from the offering for incremental liquidity and general corporate purposes,” the company said.

With tight border restrictions still in place in Macau, Sands China revealed this week that it recorded revenue of just US$9 million in April while the company’s estimated monthly expenses run-rate is around US$200 million, comprising operating costs of US$110 million, US$65 million in development and maintenance capital expenditures and US$25 million in interest costs.

Sands China has also borrowed US$404 million through April and May under a revolving credit facility.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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