By Devika Patel
Knoxville, Tenn., July 30 – Las Vegas Sands Corp. offered further details about a $3.5 billion sale of senior notes (Baa3/BBB-/BBB-) that priced in three tranches on Monday, according to an FWP filed with the Securities and Exchange Commission.
A $1.75 billion tranche of 3.2% five-year notes priced with a spread of 137.5 basis points over Treasuries. These notes priced at 99.921 to yield 3.217%.
The company sold $1 billion of 3.5% seven-year notes at a Treasuries plus 162.5 bps spread. These notes priced at 99.615 to yield 3.562%.
A $750 million offering of 3.9% 10-year notes priced with a spread of 187.5 bps over Treasuries. These notes priced at 99.712 to yield 3.935%.
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
|
| Settlement date: | July 31
|
| 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%
|
| Price: | 99.921
|
| Yield: | 3.217%
|
| Spread: | Treasuries plus 137.5 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps until July 8, 2024, then a par call
|
| 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%
|
| Price: | 99.615
|
| Yield: | 3.562%
|
| Spread: | Treasuries plus 162.5 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps until June 18, 2026, then a par call
|
| 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%
|
| Price: | 99.712
|
| Yield: | 3.935%
|
| Spread: | Treasuries plus 187.5 bps
|
| Call: | Make-whole call at Treasuries plus 30 bps until May 8, 2029, then a par call
|
| Price guidance: | Treasuries plus 190 bps area, plus or minus 2.5 bps; initial talk at Treasuries plus 210 bps area
|
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