Sands China announced last Friday that it had requested to be able to list new senior notes on the Hong Kong Stock Exchange (HKSE). The notes were valued at over $5 billion and carried different interest rates and due dates.
Approximately $1.69 billion in notes carrying a 4.6% coupon rate would become due in 2023. Another $1.79 billion, with an interest rate of 5.125%, would become due in 2025 and over $1.89 billion would become due in 2028 and carry a 5.4% interest rate.
The prices had been established by the company last August after it made an announcement about the issuance a month prior. The money received from the transactions, around $5.46 billion, is expected to be used to pay loans in accordance with a current credit facility, as well as for general corporate purposes, according to the HKSE filing.
Stockbroker firm Morningstar asserted just over a week ago that Sands China’s weak share price was providing the perfect opportunity for long-term investors. The company had a slow 2018, reporting a year-on-year decrease in fourth-quarter net income of 10.4%, or $465 million. For the year, however, it saw a 19% increase year over year, climbing from $1.60 billion in 2017 to $1.90 billion last year.