Sands China lists $1bn notes as refinancing programme advances

Sands China has listed $1bn in senior unsecured notes on the Hong Kong Stock Exchange as part of a refinancing programme covering existing bonds and revolving borrowings. The issue comprises $700m in notes carrying an annual coupon of 6.4 per cent and maturing in 2032, alongside $300m carrying a 6.7 per cent coupon and maturing in 2033.

The Macau casino operator published the listing document in a filing on 4 November. Under the previously announced financing plan, Sands China intends to use net proceeds and cash on hand to redeem $700m in outstanding 2.3 per cent notes due in 2027 and pay accrued interest.

Funds will also be used to repay outstanding borrowings under its 2024 revolving credit facility and for general corporate purposes, including capital expenditure.