SANDS CHINA LTD. (SCL, HKEX: 01928) has unveiled plans to launch an international offering of new USD-denominated senior unsecured notes to Professional Investors, subject to market conditions and investor demand.
The company has mandated Barclays Capital Inc., BofA Securities, Inc. and Goldman Sachs & Co. LLC as joint bookrunners and anticipates conducting a book-building process to determine the aggregate principal amount, coupon, maturity and other terms. No binding purchase agreement has yet been executed.
Proceeds Strategy • Redemption: SCL intends to redeem in full the outstanding US$700.00 million 2.300% senior notes due 8 March 2027, including any accrued interest. • Debt Repayment: Remaining funds, together with existing cash, will be used to settle the outstanding balance under the HK$19.50 billion (US$2.49 billion) 2024 SCL Revolving Facility. • Corporate Purposes: Any residual proceeds will support general corporate needs, including capital expenditures.
Key Offering Parameters • Instrument: USD-denominated senior unsecured notes. • Investor Base: Qualified Institutional Buyers under Rule 144A (U.S.) and non-U.S. Persons under Regulation S. No public offering in Hong Kong; no placement to connected persons. • Listing: SCL has received an eligibility letter from Hong Kong Exchanges and Clearing for a listing of the notes on the HKEX. Admission will not constitute a judgment on the merits of either SCL or the securities.
Existing Debt Profile • 2027 Notes: US$700.00 million of 2.300% senior notes currently outstanding. • 2024 SCL Credit Facility: HK$19.50 billion (US$2.49 billion) unsecured revolving credit line and HK$12.95 billion (US$1.65 billion) unsecured term loan arranged on 23 October 2024.
Cautionary Statement The proposed issuance remains subject to final agreement and may not proceed. Shareholders and prospective investors are advised to exercise caution when dealing in SCL securities.
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