By Wendy Van Sickle
Columbus, Ohio, June 2 – Sands China Ltd., a majority owned subsidiary of Las Vegas Sands Corp., priced $1.5 billion of senior notes (Baa2/BBB-/BBB-) in two tranches on Tuesday, according to a news release.
The issuer priced $800 million of 3.8% senior notes due 2026 and $700 million of 4 3/8% notes due 2030.
The 2026 notes feature a make-whole call until Dec. 8, 2025 and then a par call. Similarly, the 2030 notes have a make-whole call until March 18, 2030 and then a par call.
Barclays, BofA Securities, Inc. and Goldman Sachs & Co. LLC are the initial purchases of the Rule 144A and Regulation S notes.
The company plans to use the proceeds for incremental liquidity and general corporate purposes.
Based in Macau, Sands China is a resort developer and operator in Macau and a subsidiary of Las Vegas Sands.
| Issuer: | Sands China Ltd.
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
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| Bookrunners: | Barclays, BofA Securities, Inc. and Goldman Sachs & Co. LLC
|
| Trustee: | U.S. Bank NA
|
| Pricing date: | June 2
|
| Settlement date: | June 4
|
| Change-of-control put: | At 101
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2026 notes
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| Amount: | $800 million
|
| Maturity: | Jan. 8, 2026
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| Coupon: | 3.8%
|
| Price: | 99.901
|
| Call: | Make-whole until Dec. 8, 2025; thereafter at par
|
|
|
| 2030 notes
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| Amount: | $700 million
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| Maturity: | June 18, 2030
|
| Coupon: | 4 3/8%
|
| Price: | 99.58
|
| Call: | Make-whole until March 18, 2030; thereafter at par
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