Sands China to launch $1.95bn notes offering

| By Marese O'Hagan
Sands China has announced that it will offer USD$1.95bn (£1.40bn/€1.64bn) in senior unsecured notes on the Hong Kong Stock Exchange.
SJM

The notes are made up of $700m in 2.300% notes due in 2027, $650m in 2.850% notes due in 2029, and $600m in 3.230% notes due in 2031.

All of these notes are to be issued on September 23 2021.

The profits from the offering will be used to fulfill the outstanding principal amount of $1.80bn in 4.600% unregistered notes due 8 August 2023, which were issued by Sands on August 9 2018.

Sands then wishes to offer an exchange of the $1.80bn, for $1.69bn in registered notes at 4.600%, leaving an outstanding principal amount of $104m.

In a statement, Sands attributed the listing to the disruptions caused by the novel coronavirus (Covid-19) pandemic. But the company performed well in its H1 results, with revenue increasing by 60.2% year-on-year.

Subscribe to the ICE365 newsletter