Movement Alert|SANDS CHINA LTD Falls 3.03% in Regular Trading, Proposed 10 billion dollar Senior Notes Offering Drives Refinancing Focus

Market Focus10-28 13:30

On October 28, SANDS CHINA LTD fell 3.03% in regular trading, with the stock trading at HK$10.57 and turnover of HK$113 million.

The move followed the company’s announcement that it had entered into a purchase agreement to issue 10 billion dollar senior notes, with estimated net proceeds of about 989 million dollars, aimed at refinancing existing debt and strengthening liquidity.

Details disclosed show the offering includes 700 million dollars of notes due 2032 with a 6.400% coupon and 300 million dollars of notes due 2033 with a 6.700% coupon, expected to be issued on November 3. The company said proceeds, together with cash on hand, will be used to fully redeem 700 million dollars of outstanding 2.300% notes due 2027, repay the outstanding balance under its revolving credit facility, and support general corporate purposes including capital expenditure. Management stated the transaction would extend the debt maturity profile and further reinforce group liquidity, though the higher coupons versus the existing 2027 notes likely kept investor reaction cautious.

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