• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Sands China US$1.5bln note offering to boost liquidity

Jun 03, 2020 Newsdesk Latest News, Macau, Top of the deck  


Sands China US$1.5bln note offering to boost liquidity

Macau casino operator Sands China Ltd is proposing to issue an aggregate of US$1.5-billion in senior unsecured notes to boost its liquidity, the firm said in a Wednesday filing to the Hong Kong Stock Exchange.

Sands China, controlled by United States-based firm Las Vegas Sands Corp, announced that it was pricing US$800 million of 3.800-percent senior notes due in 2026 and US$700 million of 4.375-percent senior notes due in 2030.

The company said it intends to use the net proceeds of approximately US$1.48 billion from the note offering “for incremental liquidity and general corporate purposes”.

The offering is expected to close on Thursday (June 4), said Sands China. Barclays Capital Inc, Bank of America Securities Inc and Goldman Sachs and Co LLC have been appointed as joint book runners.

The agreement governing the notes will limit Sands China’s ability to, among other things, create “certain types of liens” on its principal properties; enter into certain types of sale and leaseback transactions with respect to its properties; and consolidate or merge with or into another entity, according to the document.

In Wednesday’s filing, Sands China said it was “unknown when or how quickly” the current travel restrictions introduced to contain the further spread of the Covid-19 pandemic would be “modified or cease to be necessary”, and thus its was unclear how quickly there could be an improvement in the company’s operational situation.

It nonetheless said: “The company believes it will be able to support its continuing operations, complete the major construction projects that are under way, and respond to the current Covid-19 pandemic challenges.” The firm added: “The notes issues will further strengthen the liquidity position of the group.”

As of May 29, Sands China had total liquidity of US$2.41 billion, according to company information.

Sands China estimated in a Monday update on its April operations that its monthly loss had been US$180 million amid travel restrictions linked to the health crisis alert.

The firm’s monthly run-rate of costs – including operational costs, capital expenditure and interest expense – were approximately US$200 million in April, with only US$9 million in revenue generated that month.

Sands China decided not to recommend payment of a final dividend for year ended December 31, 2019. The group nonetheless said that it would continue with its previously-announced capital expenditure programmes in Macau.


  • tweet
Related articles
  • Bloomberry Quezon project in 2023, focus on preserving cash
    Bloomberry Quezon project in 2023,...

    Apr 16, 2021  

  • Macau 2021 GGR could be half of pre- Covid-19 levels: Fitch
    Macau 2021 GGR could be half of pre-...

    Apr 15, 2021  

More news
  • Macau VIP GGR up 20pct sequentially in 1Q: govt
    Macau VIP GGR up 20pct...

    Apr 16, 2021  

  • NUSTAR complex in Cebu slated to open 2022: UHRI
    NUSTAR complex in Cebu slated to open...

    Apr 16, 2021  


Latest News

Macau VIP GGR up 20pct sequentially in 1Q: govt

Macau VIP GGR up 20pct sequentially in 1Q: govt

Apr 16, 2021  

Macau’s VIP gross gaming revenue (GGR) in the first quarter of 2021 reached nearly MOP9.13 billion (US$1.14 billion), up 19.7 percent sequentially, according to data released on Friday by the...
Read More
NUSTAR complex in Cebu slated to open 2022: UHRI

NUSTAR complex in Cebu slated to open 2022: UHRI

Apr 16, 2021  

Labour Day hols hotels to be 40-50pct full: Macau govt

Labour Day hols hotels to be 40-50pct full: Macau govt

Apr 16, 2021  

Macau may tie GBA backing to gaming tender: law experts

Macau may tie GBA backing to gaming tender: law experts

Apr 16, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$1.15 billion

Tax revenue collected by the Macau government from the city’s gaming industry in the first three months of 2021



Most Popular

  • Three Manila casinos say still shut despite eased lockdownThree Manila casinos say still shut despite eased lockdown April 13, 2021
  • Macau 2021 GGR could be half of pre- Covid-19 levels: FitchMacau 2021 GGR could be half of pre- Covid-19 levels: Fitch April 15, 2021
  • Macau seeks mutual vaccine recognition with Guangdong: CEMacau seeks mutual vaccine recognition with Guangdong: CE April 13, 2021
  • Macau 1Q VIP GGR bad at 20pct pre pandemic: JP MorganMacau 1Q VIP GGR bad at 20pct pre pandemic: JP Morgan April 14, 2021
  • Philippines needs AML reform on casino biz: IMFPhilippines needs AML reform on casino biz: IMF April 12, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us