Sands China has proposed a new offering of US-dollar senior unsecured notes to professional investors. The Macau casino operator said completion will depend on market conditions and investor interest, according to its October 27 exchange filing.
The company plans to combine the net proceeds with cash on hand to redeem its outstanding $700 million of 2.300% senior notes due on March 8, 2027, including accrued interest. It also intends to repay borrowings under its 2024 revolving facility and retain flexibility for general corporate purposes, including capital expenditure.
The principal amount, pricing and final conditions of the new notes had not been determined when the announcement was published. Barclays Capital, BofA Securities and Goldman Sachs were appointed joint bookrunners, and Sands China said it would make another announcement if a binding purchase agreement is signed.
The proposal therefore outlines a refinancing plan rather than a completed financing. Sands China cautioned that the offering may not materialize and said it would seek a Hong Kong Stock Exchange listing if the notes are issued. Inside Asian Gaming also reported the planned use of proceeds for the 2027 debt.
