Sands China Prices $1bn Of Notes To Retire 2027 Bonds Early
Sands China has priced $1 billion of senior unsecured notes in two tranches and will use the money mainly to redeem its $700 million 2.300% notes due 2027 ahead of maturity.
Las Vegas Sands Corp., which owns the Macao operator through a majority stake, announced the pricing on October 27, 2026. The issue is split into $700 million of 6.400% senior notes due 2032 and $300 million of 6.700% senior notes due 2033. The offering is expected to close on November 3, 2026, subject to customary closing conditions.
Sands China runs The Venetian Macao, The Londoner Macao, The Parisian Macao and The Plaza Macao on the Cotai Strip, plus Sands Macao on the peninsula.
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The Terms Of The Two Tranches
A filing on the Hong Kong exchange sets out the detail. The 2032 notes were priced at 99.851% of principal and mature on January 8, 2032, with interest paid semi-annually on January 8 and July 8. The 2033 notes were priced at 99.954% and mature on November 8, 2033, with interest paid on May 8 and November 8.
Both tranches have an issue date of November 3, 2026, New York time. Taken together and weighted by size, the coupons average about 6.49%, which is our own arithmetic from the two published rates.
Where The Money Goes
Sands China, owner and casino operator, said it intends to use net proceeds of about $989 million, plus cash on hand, to redeem in full the outstanding principal on its 2.300% senior notes due 2027 along with accrued interest. It will also repay the outstanding balance on its 2024 SCL Revolving Facility.
Anything left over goes to general corporate purposes, which the company said include capital expenditure. The release does not give the amount drawn on the revolver or a redemption date for the 2027 notes.
The new debt carries a much higher coupon than the bonds being retired, so this is a refinancing that extends maturities rather than one that lowers interest costs. The company did not say why it chose to retire the 2027 notes early.
Who Can Buy The Notes
The notes have not been registered under the US Securities Act of 1933. They are being sold only to professional investors, to qualified institutional buyers under Rule 144A and to non-US persons outside the United States under Regulation S.
None of the notes are being offered to the public in Hong Kong, and none will be placed with a connected person of Sands China. The company plans to seek a listing on the Hong Kong Stock Exchange and has received an eligibility letter from the exchange. The exchange said that admission is not an indication of the merits of Sands China or the notes.
The deal is due to close on November 3, so the next step is confirmation of settlement and a notice of redemption for the 2027 notes. Sands China is listed in Hong Kong under stock code 1928.
