Macau gaming operator SJM Holdings has announced the issuance of $540 million in 6.6 percent senior notes due in 2031.
The company is concurrently conducting an offer to repurchase for cash any and all outstanding 2026 notes via a wholly-owned subsidiary (Champion Path Holdings Ltd) and its internal resources.
In a Friday filing, SJM indicated that a subsidiary of its controlling shareholder STDM – the legacy gaming operator in Macau – had ‘agreed to subscribe to a certain amount of the Notes’. The overall amount was not defined.
The initial purchasers comprise a series of banks based out of Singapore, Hong Kong and Macau. The company and the initial purchasers entered into the agreement on Thursday, January 8th.
SJM noted that the results of the issuance would be used ‘for refinancing the Group’s existing indebtedness and general corporate purposes’. It also extends the maturity on the group’s indebtedness to ‘enhance the Group’s financial flexibility’.
The issuance comes the closure of all of SJM’s, and Macau’s, satellite casinos by December 31st. As part of the legislative change, SJM also integrated L’Arc Hotel and Casino its its self-operated portfolio – the only satellite casino to be taken on by an operator.
The acquisition was completed on December 15th, 2025 after independent shareholders of SJM Holdings approved a HK$1.75 billion ($224 million) transaction, which also includes the repayment of most of the target company’s HK$1.93 billion ($247 million) debt.
