Sands China this morning priced a US$1 billion senior notes offering, to be issued in two tranches and with proceeds to be used primarily to refinance existing debt and strengthen the Macau casino operator’s liquidity position.
This follows an initial announcement by the company on Tuesday around the proposed issue of the notes.
Revealing pricing on a Wednesday morning filing, Sands China said it has entered into a purchase agreement with Barclays Capital, BofA Securities and Goldman Sachs for the issuance of the two tranches of notes, expected to close on 3 November 2026.
The offering comprises US$700 million of notes due 8 January 2032 and carrying an annual interest rate of 6.4%, and US$300 million of notes due 8 November 2033 and carrying interest of 6.7%.
Both tranches are senior unsecured obligations of Sands China, with interest payable semi-annually.
Sands China expects net proceeds of approximately US$989 million from the offering. Together with cash on hand, the funds will be used to redeem in full its outstanding US$700 million of 2.3% senior notes due March 2027, repay the outstanding balance of its 2024 revolving credit facility and fund general corporate purposes, including capital expenditure.
The refinancing will extend Sands China’s debt maturity profile, with the company saying the transaction will further strengthen the group’s liquidity position.
