Sands China Ltd says it has successfully raised US$1.95 billion in additional liquidity following completion of a private offering of senior unsecured notes.
The offering comprised three separate series, consisting of US$700 million of 2.300% senior notes due 2027, US$650 million of 2.850% senior notes due 2029 and US$600 million of 3.250% senior notes due 2031.
Proceeds of the offering will be used to redeem in full the outstanding principal amount of its US$1.80 billion 4.600% senior notes due 2023, plus any accrued interest.
Sands China said it may redeem the 2027 Notes, in whole or in part, prior to 8 February 2027, the 2029 Notes prior to 8 January 2029 and the 2031 Notes prior to 8 May 2031, in each case at a price equal to 100% of the aggregate principal amount plus a “make-whole” premium and any accrued, unpaid interest.
The company has applied to the Hong Kong Stock Exchange for permission to list and deal in the notes.
The placing of new notes comes after Sands China – which opersates The Venetian Macao, The Parisian Macao, The Londoner Macau, Sands Macao and The Plaza Macao – last week revealed a net loss of US$125 million and Adjusted EBITDA loss of US$14 million in August following a recent outbreak of COVID-19 across parts of mainland China, which saw border restrictions with Macau temporarily tightened.
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