Macau’s Sands China details expected notes due 2027, 2029 and 2031

By Cristal Cody

Chicago, Sept. 9 – Sands China Ltd.’s notes were in the market on Thursday with price talk on the expected three-tranche offering, according to more information about the notes from a market source.

The company plans to sells a tranche due March 8, 2027 with talk for a spread in the Treasuries plus 190 basis points area, a second tranche due March 8, 2029 with spread talk in the Treasuries plus 215 bps area and a longer-dated series with an Aug. 8, 2031 maturity and talk in the Treasuries plus 230 bps area.

As reported Wednesday, Barclays, BofA Securities, Inc. and Goldman Sachs & Co. LLC have been appointed as joint bookrunners.

The notes will be distributed via Rule 144A and Regulation S, according to a press release.

Proceeds will be used to redeem in full the outstanding $1.8 billion 4.6% 2023 notes, with interest and a make-whole premium.

Sands China is a resort developer and operator in Macau and is a subsidiary of Las Vegas Sands Corp.

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