• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Sands China prices US$1.95bln notes, Fitch rates BBB-

Sep 10, 2021 Newsdesk Latest News, Macau, Singapore, Top of the deck  


Sands China prices US$1.95bln notes, Fitch rates BBB-

Macau casino operator Sands China Ltd is to issue new unsecured notes in the aggregate principal amount of US$1.95 billion.

Sands China said the first tranche of the new notes, amounting to US$700 million, carries a yearly interest rate of 2.300 percent, and has a maturity date of March, 2027. The second tranche is for US$650 million, bearing 2.850-percent interest annually, and matures in March, 2029. The third tranche of US$600 million, carries 3.250-percent annual interest, and matures in August, 2031.

The company said in a Friday filing to the Hong Kong Stock Exchange, that it had a purchase agreement with Barclays Capital Inc, Bank of America Securities Inc, and Goldman Sachs & Co LLC, as representatives of the initial purchasers of the notes. The day before, Sands China had stated to the bourse it had doubled its monthly loss in August, versus July.

The notes will rank equally in right of payment, with all of the company’s existing and future senior unsecured indebtedness.

Sands China intends to use the net proceeds of approximately US$1.93 billion from the offer and cash on hand to redeem in full the outstanding principal amount of its US$1.80-billion 4.600-percent senior notes due 2023, and any accrued interest and the associated make-whole premium.

Fitch Ratings Inc said in a Thursday memo it had assigned a ‘BBB-’ rating to Sands China’s announced senior unsecured notes. Fitch ‘BBB’ ratings indicate that expectations of default risk are currently low.

The memo reiterated that Fitch assessed Sands China’s long-term issuer default rating currently, as ‘BBB-’, with “outlook negative”.

The ratings agency said its ‘negative’ outlook on Sands China’s long-term rating was driven by factors including Macau’s 2021 gaming revenues being forecast at nearly 65 percent below those of 2019 – i.e., of pre-pandemic levels – recovering to 35 percent below 2019, by 2022, and only “fully recovering” to pre-pandemic performance, in 2024.

Fitch said it assumed a “slightly faster trajectory” for Singapore, where Sands China’s parent – United States-based Las Vegas Sands Corp – has a casino licence and runs the Marina Bay Sands resort.

Fitch stated: “The probability of a downgrade has been reduced over the past 18 months given actions taken by Las Vegas Sands to bolster liquidity and its credit profile. This includes suspending its dividends, increasing its Macau revolver capacity and pushing out its development plans in Singapore.”

Fitch said Las Vegas Sands had “US$400 million left to spend in Macau to finish converting Sands Cotai Central into the Londoner”.

The institution added: “Las Vegas Sands will also spend US$3.3 billion in Singapore –including a US$1-billion one-time payment already made in second-quarter 2019 – in the medium term to expand Marina Bay Sands”.


  • tweet
Related articles
  • Sands China partners with Kakao Pay to lure S.Korean visitors
    Sands China partners with Kakao Pay to...

    Sep 25, 2023  

  • Londoner Macao’s Harry Potter exhibition to open Dec 15
    Londoner Macao’s Harry Potter...

    Sep 22, 2023  

More news
  • Wynn Macau Ltd, Broadway Asia tie up for resident show
    Wynn Macau Ltd, Broadway Asia tie up...

    Sep 26, 2023  

  • G2E Asia 2024 set for Macau in June, no Singapore event
    G2E Asia 2024 set for Macau in June, no...

    Sep 26, 2023  


Latest News

Wynn Macau Ltd, Broadway Asia tie up for resident show

Wynn Macau Ltd, Broadway Asia tie up for resident show

Sep 26, 2023  

Macau casino operator Wynn Macau Ltd has announced a partnership with Broadway Asia, to “create the conceptual design” for a new resident show for the future Wynn Theater venue, to be located at...
Read More
G2E Asia 2024 set for Macau in June, no Singapore event

G2E Asia 2024 set for Macau in June, no Singapore event

Sep 26, 2023  

LET Group, buyer amend deal for Hokkaido land

LET Group, buyer amend deal for Hokkaido land

Sep 26, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


50

Maximum aggregate number of licensed gaming promoters – also known as ‘junkets’ – that Macau's casino operators will be able to work with in 2024



Most Popular

  • Any Macau clamp on money changing may hurt GGR: punditsAny Macau clamp on money changing may hurt GGR: pundits September 25, 2023
  • Macau govt sets junket cap per casino operator for 2024Macau govt sets junket cap per casino operator for 2024 September 25, 2023
  • Wynn Macau Ltd cancels K-pop festival scheduled for OctWynn Macau Ltd cancels K-pop festival scheduled for Oct September 25, 2023
  • Strong Macau hotel bookings for autumn Golden WeekStrong Macau hotel bookings for autumn Golden Week September 22, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us