Sands China raises $1.95bn with senior notes offering

The company hopes to raise $700m with 2.3% of senior notes due in 2027, $650m with 2.85% of notes due in 2029, and $600m with 3.25% of notes due in 2031.

Barclays, BofA Securities and Goldman Sachs have been named as joint bookrunning managers for the listing which Sands announced would be taking place earlier this month.

A Sands China statement said: “We estimate that the net proceeds from the offering of the Notes will be approximately $1.9bn after deducting the discounts of the Initial Purchasers and other estimated offering expenses payable by us.

“Subject to compliance with applicable laws and regulations, we intend to use the net proceeds from this offering and cash on hand to redeem in full the outstanding principal amount of the $1.80 billion 4.600% 2023 Notes, any accrued interest and the associated make-whole premium as determined under the related senior notes indenture dated as of August 9, 2018.” 

The company’s owner – Las Vegas Sands – recorded a 60.2% revenue increase for the first half of 2021 after recovering from the impact of the novel coronavirus (Covid-19) pandemic.