SANDS CHINA ANNOUNCES PRICING OF $1.0 BILLION OF SENIOR UNSECURED NOTES

Sands China plans to use the financing and cash on hand to retire lower-coupon 2027 notes and repay revolving debt.

Rhea-AI Summary

Las Vegas Sands (NYSE: LVS) announced that majority-owned subsidiary Sands China (SCHYY) priced $1.0 billion of senior unsecured notes.

The offering comprises $700 million at 6.400% due 2032 and $300 million at 6.700% due 2033. Closing is expected on November 3, 2026, subject to customary closing conditions. Sands China intends to use approximately $989 million in net proceeds, together with cash on hand, to redeem its outstanding US$700 million of 2.300% notes due 2027 and accrued interest, repay the outstanding balance on its 2024 SCL Revolving Facility, and fund general corporate purposes, including capital expenditures.

3 points · 0 major

PositiveiHow this balance works

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0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Sands China expects approximately $989 million in net proceeds from the offering. 4.2% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Sands China plans full redemption of US$700 million of 2.300% notes due 2027, plus accrued interest.
• Minor point. Forward-looking: it has not happened yet and may not happen.Sands China plans to repay the outstanding balance on its 2024 SCL Revolving Facility.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.Sands China will incur $700 million of senior unsecured debt at 6.400% due 2032.
• Minor point. Forward-looking: it has not happened yet and may not happen.Sands China will incur $300 million of senior unsecured debt at 6.700% due 2033.

News Explained

Sands China has priced the new notes, with closing still expected on November 3, 2026; their stated coupons of 6.400% and 6.700% exceed the 2.300% coupon on the US$700 million notes it plans to redeem.

Key Figures

Notes principal: $700 million at 6.400% Notes principal: $300 million at 6.700% Debt redemption: US$700 million at 2.300% +1 more

Notes principal

$700 million at 6.400%

Senior notes due 2032

Notes principal

$300 million at 6.700%

Senior notes due 2033

Debt redemption

US$700 million at 2.300%

Outstanding senior notes due 2027; Sands China intends to redeem them in full

Expected offering close

November 3, 2026

Subject to customary closing conditions

Key Terms

senior unsecured notes, qualified institutional buyers, rule 144a, regulation s

4 terms

senior unsecured notes financial

"priced $700 million of 6.400% senior notes"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

qualified institutional buyers regulatory

"qualified institutional buyers (in reliance on Rule 144A"

Qualified institutional buyers are large organizations, like big investment firms or banks, that are allowed to buy certain types of investment opportunities not available to everyday investors. Their size and experience matter because it ensures they understand and can handle complex financial deals, making markets more efficient and secure.

rule 144a regulatory

"in reliance on Rule 144A under the Securities Act"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

regulation s regulatory

"in reliance on Regulation S under the Securities Act"

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

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LAS VEGAS, Oct. 27, 2026 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS) today announced that its majority-owned subsidiary, Sands China Ltd. ("Sands China"), has priced $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 intends to use the net proceeds of approximately $989 million from the offering and cash on hand to redeem in full the outstanding principal amount of its US$700 million 2.300% senior notes due 2027 and any accrued interest, repay the outstanding balance on its 2024 SCL Revolving Facility and for general corporate purposes, including capital expenditures.

The notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other jurisdiction, and are being offered and sold only to professional investors (as defined in Chapter 37 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Hong Kong Listing Rules") that are qualified institutional buyers (in reliance on Rule 144A under the Securities Act) and/or non-U.S. Persons outside the United States (in reliance on Regulation S under the Securities Act)). None of the notes are being offered or sold to the public in Hong Kong and none of the notes will be placed to any connected person (as defined in the Hong Kong Listing Rules) of Sands China.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Sands China proposes to seek a listing of the notes on the Hong Kong Stock Exchange and has received an eligibility letter from the Hong Kong Stock Exchange for the listing of the notes. Admission of the notes to the Hong Kong Stock Exchange and quotation of any notes on the Hong Kong Stock Exchange is not to be taken as an indication of the merits of Sands China or the notes.

About Las Vegas Sands Corp. (NYSE: LVS)

Sands is the leading global developer and operator of integrated resorts.  The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.

Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.

Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet.  The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies.

About Sands China Ltd.

Sands China Ltd. (Sands China or the Company) is incorporated in the Cayman Islands with limited liability and is listed on The Stock Exchange of Hong Kong Limited (HKEx: 1928). Sands China is the largest operator of integrated resorts in Macao. The Company's integrated resorts on the Cotai Strip comprise The Venetian® Macao, The Plaza® Macao, The Parisian Macao and The Londoner® Macao. The Company also owns and operates Sands® Macao on the Macao peninsula. The Company's portfolio features a diversified mix of leisure and business attractions and transportation operations, including large meeting and convention facilities; a wide range of restaurants; shopping malls; world-class entertainment at The Venetian Arena, The Londoner Arena, The Venetian Theatre, The Parisian Theatre, the Londoner Theatre and the Sands Theatre; and a high-speed Cotai Water Jet ferry service between Hong Kong and Macao. The Company's Cotai Strip portfolio has the goal of contributing to Macao's transformation into a world centre of tourism and leisure. Sands China is a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE: LVS).

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks, uncertainties or other factors, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, current market demand for these types of securities and the securities of Sands China Ltd., Sands China Ltd.'s ability to consummate the offering in the currently anticipated timeframe or at all, and the negotiations between Sands China Ltd. and the initial purchasers. Forward-looking statements in this press release are based on information available to Sands China Ltd. and Las Vegas Sands Corp. at this time and each of Sands China Ltd. and Las Vegas Sands Corp. assumes no obligation to update such information.

 

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SOURCE Las Vegas Sands Corp.

FAQ

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What are the terms and expected closing date of Sands China's new notes?

Sands China priced $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.

Who can buy Sands China's new senior notes?

The notes are offered only to professional investors who are qualified institutional buyers under Rule 144A and/or non-U.S. persons outside the United States under Regulation S. They are not being offered or sold to the public in Hong Kong, and none will be placed with connected persons of Sands China.

Will Sands China's new notes be listed in Hong Kong?

Sands China proposes to seek a Hong Kong Stock Exchange listing for the notes and has received an eligibility letter. Listing admission and quotation are not an indication of the merits of Sands China or the notes.