Sands China Completes $1.0 Billion Dual-Tranche Senior Notes Offering

Overview of Filing

On November 3, 2026, Las Vegas Sands Corp. filed an 8-K under Items 1.01, 2.03, and 9.01 reporting that its majority-owned subsidiary, Sands China Ltd., completed a private offering of $1.0 billion aggregate principal amount of senior unsecured notes.

Key Terms of the Notes

• 2032 Notes:

  • Principal Amount: $700 million
  • Coupon: 6.400% per annum, payable semi-annually on January 8 and July 8 (starting January 8, 2027)
  • Maturity: January 8, 2032
  • Optional Redemption: Redeemable prior to December 8, 2031 at make-whole premium; par call on or after December 8, 2031.

• 2033 Notes:

  • Principal Amount: $300 million
  • Coupon: 6.700% per annum, payable semi-annually on May 8 and November 8 (starting May 8, 2027)
  • Maturity: November 8, 2033
  • Optional Redemption: Redeemable prior to September 8, 2033 at make-whole premium; par call on or after September 8, 2033.

• Ranking & Guarantees: General senior unsecured obligations ranking pari passu with existing and future senior unsecured debt. The notes are structurally subordinated to subsidiary liabilities and are not guaranteed by any Sands China subsidiaries.

• Listing: The notes will be listed on The Stock Exchange of Hong Kong Limited.

Use of Proceeds

Sands China intends to use the net proceeds along with cash on hand to:

1. Redeem in full the outstanding $700 million of 2.300% senior notes due 2027 plus accrued interest.
2. Repay outstanding borrowings under its 2024 SCL Revolving Facility.
3. Fund general corporate purposes, including ongoing capital expenditures.

Financial & Market Implications

While the transaction increases coupon expense relative to the maturing 2.300% notes, it extends Sands China's debt maturity profile into 2032 and 2033 and clears upcoming near-term maturities without diluting equity.