By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Sept. 9 – Sands China Ltd. priced $1.95 billion of notes (Baa2/BBB-/BBB-) in three parts on Thursday, according to a news release.
The company sold $700 million of 2.3% notes due March 8, 2027, which were talked with a spread in the Treasuries plus 190 basis points area, according to a source.
The issuer priced a $650 million tranche of 2.85% notes due March 8, 2029, which had spread talk in the Treasuries plus 215 bps area, and a $600 million tranche with a 3¼% coupon and an Aug. 8, 2031 maturity with talk in the Treasuries plus 230 bps area. Actual spread details were not available at press time.
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.
Proceeds and cash on hand 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.
| Issuer: | Sands China Ltd.
|
| Issue: | Senior notes
|
| Amount: | $1.95 billion
|
| Bookrunners: | Barclays, BofA Securities, Inc. and Goldman Sachs & Co. LLC
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 23
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2027 notes
|
| Amount: | $700 million
|
| Maturity: | March 8, 2027
|
| Coupon: | 2.3%
|
| Spread: | Treasuries plus 155 bps
|
| Talk: | Treasuries plus 190 bps area
|
|
|
| 2029 notes
|
| Amount: | $650 million
|
| Maturity: | March 8, 2029
|
| Coupon: | 2.85%
|
| Spread: | Treasuries plus 180 bps
|
| Talk: | Treasuries plus 215 bps area
|
|
|
| 2031 notes
|
| Amount: | $600 million
|
| Maturity: | Aug. 8, 2031
|
| Coupon: | 3¼%
|
| Spread: | Treasuries plus 195 bps
|
| Talk: | Treasuries plus 230 bps area
|
|
|
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