China Sands has plans to refinance the company

6 August 2018

Casino operator Las Vegas Sands Corp and its subsidiary in Macao Sands China Ltd announced the amount of debt, which became known on July 26 for the first time.

On Thursday, Sands China reported to the Hong Kong Stock Exchange that it offered $1.8 billion of 4.6% of the senior securities scheduled for 2023, $ 1.8 billion out of 5.125% of the securities scheduled for 2025 and $ 1.9 billion of 5.4% of the securities scheduled for 2028.

Sands China announced its intention to use net proceeds of about $5.46 billion to repay the loan in accordance with the existing loan mechanism, as well as general corporate purposes, including capital projects.

Representatives of the company also stressed that the issuance "will further strengthen the liquidity status of the group, as well as enhance the international prestige of the company."

"The Board of Directors believes that the issuance of securities is a timely opportunity for the company to refinance the existing debt of the group for the Venetian Macau Limited at competitive rates, and to extend the maturity of the debt," the statement said.

Venetian Macau Limited is a subsidiary of Sands China. According to Fitch Ratings Inc., the total loans of Sands China as of June 30 of this year reached $ 1.25 billion.

Las Vegas Sands previously reported that they will spend more money on profitable projects, as well as the maintenance of facilities in Macau. According to preliminary estimates, this year these costs will amount to $1 billion, next - $1.25 billion, and in 2020 - $770 million.

In addition, the company indicated the anticipated closing date of Sands China's offer - August 9. The combined bookrunners include Barclays Capital Inc., Goldman Sachs and Co LLC and Merrill Lynch, Pierce, Fenner and Smith Inc. Sands noted that the Hong Kong Stock Exchange acknowledged that these bonds are subject to listing.

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