By Cristal Cody
Tupelo, Miss., July 29 – Las Vegas Sands Corp. priced $3.5 billion of senior notes (Baa3/BBB-/BBB-) in three tranches on Monday, a market source said.
A $1.75 billion tranche of 3.2% five-year notes priced with a spread of 137.5 basis points over Treasuries.
The company sold $1 billion of 3.5% seven-year notes at a Treasuries plus 162.5 bps spread.
A $750 million offering of 3.9% 10-year notes priced with a spread of 187.5 bps over Treasuries.
The notes all printed on the firm side of guidance.
Barclays, BofA Securities Inc., Goldman Sachs & Co. LLC, BNP Paribas Securities Corp., Fifth Third Securities Inc., Scotiabank and SMBC Nikko Securities America Inc. were the bookrunners.
Las Vegas Sands held fixed income investor calls last week for the registered deal.
Proceeds from the offering will be used to repay a term loan B and related fees and expenses.
Any excess proceeds would be used for general corporate purposes.
Las Vegas Sands is a Las Vegas-based developer of multi-use integrated resorts.
| Issuer: | Las Vegas Sands Corp.
|
| Amount: | $3.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, BofA Securities Inc., Goldman Sachs & Co. LLC, BNP Paribas Securities Corp., Fifth Third Securities Inc., Scotiabank and SMBC Nikko Securities America Inc.
|
| Trade date: | July 29
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Marketing: | Fixed income investor calls
|
|
|
| Five-year notes
|
| Amount: | $1.75 billion
|
| Maturity: | Aug. 8, 2024
|
| Coupon: | 3.2%
|
| Spread: | Treasuries plus 137.5 bps
|
| Price guidance: | Treasuries plus 140 bps area, plus or minus 2.5 bps; initial talk at Treasuries plus 160 bps area
|
|
|
| Seven-year notes
|
| Amount: | $1 billion
|
| Maturity: | Aug. 8, 2026
|
| Coupon: | 3.5%
|
| Spread: | Treasuries plus 162.5 bps
|
| Price guidance: | Treasuries plus 165 bps area, plus or minus 2.5 bps; initial talk at Treasuries plus 185 bps area
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | Aug. 8, 2029
|
| Coupon: | 3.9%
|
| Spread: | Treasuries plus 187.5 bps
|
| Price guidance: | Treasuries plus 190 bps area, plus or minus 2.5 bps; initial talk at Treasuries plus 210 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
