Macau casino operator Sands China Ltd has announced the issuance of senior unsecured notes due 2026 and 2030, with net proceeds of approximately US$1.5 billion to be used to bolster liquidity amid the coronavirus pandemic.
“The duration and intensity of the COVID-19 pandemic and related disruptions are uncertain. 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.”
In a trading update earlier this week, Sands China posted US$9 million in revenue for the month of April, and a net loss of $180 million. The company said it has sufficient liquidity in place to fund its operations for 12 months in the current operating environment.
The notes issuance, which includes $800 million senior notes due 2026 and $700 million notes due 2030, will further strengthen the liquidity position of the group, it said.