New Issue: Macau’s Sands China sells $5.5 billion of notes due 2023, 2025, 2028

By Wendy Van Sickle

Columbus, Ohio, Aug. 2 – Sands China Ltd., a majority owned subsidiary of Las Vegas Sands Corp., priced $5.5 billion of senior notes (Ba1/BBB-) in three tranches on Thursday, according to a news release.

The issuer priced $1.8 billion of 4.6% notes due 2023 at 99.978, $1.8 billion of 5 1/8% notes due 2025 at 99.913 and $1.9 billion of 5.4% notes due 2028 at 99.725.

Barclays, Goldman Sachs & Co. LLC and BofA Merrill Lynch were the joint bookrunners of the Rule 144A and Regulation S deal.

The company plans to use the proceeds to repay outstanding senior secured term loans under a credit facility and for general corporate purposes, including capital expenditures.

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:	$5.5 billion
Bookrunners:	Barclays, Goldman Sachs & Co. LLC and BofA Merrill Lynch
Pricing date:	Aug. 2
Settlement date:	Aug. 9
Ratings:	Moody’s: Ba1
	Fitch: BBB-
Distribution:	Rule 144A and Regulation S
2023 notes
Amount:	$1.8 billion
Maturity:	Aug. 8, 2023
Coupon:	4.6%
Price:	99.978
Call:	Make-whole call until July 8, 2023, then at par
2025 notes
Amount:	$1.8 billion
Maturity:	Aug. 8, 2025
Coupon:	5 1/8%
Price:	99.913
Call:	Make-whole call until June 8, 2025, then at par
2028 notes
Amount:	$1.9 billion
Maturity:	Aug. 8, 2028
Coupon:	5.4%
Price:	99.725
Call:	Make-whole call until May 8, 2028, then at par

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