Sands China to Raise US$1.5 Billion via Issuance of Senior Notes
June 02 2020 - 8:07PM
Dow Jones News
By P.R. Venkat
Sands China Ltd. will raise US$1.5 billion through issuance of
two senior notes, proceeds of which will be used to shore up its
balance sheet.
The casino operator plans to raise US$800 million through notes
that are due in 2026, Sands China said Wednesday. The notes that
mature on January 8, 2026 will carry an interest rate of 3.80% per
annum.
Separately, the company will also raise another US$700 million
through 10-year notes carrying an annual interest rate of
4.375%.
"The company intends to use the net proceeds from the notes for
incremental liquidity and general corporate purposes," Sands China
said.
Sands said that it has a strong balance sheet and sufficient
liquidity in place to fund its operations for next 12 months in the
current operating environment caused by the Covid-19 pandemic.
"It is unknown when or how quickly the current travel
restrictions will be modified or cease to be necessary and the
resulting impact on the willingness of Sands China's customers to
spend on travel and entertainment," the casino operator said.
Goldman Sachs, Bank of America Securities and Barclays advised
Sands China on the notes issuance.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
June 02, 2020 19:52 ET (23:52 GMT)
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