The notes will be issued in three tranches: $750 million is a senior note due in June 2027, $500 million is a 6.000% note due in August 2029, and $500 million is a 6.200% note due in August 2034.
Las Vegas Sands also operates the Marina Bay Sands Casino Resort in Singapore.
Moody's has given Las Vegas Sands a "Baa3" rating on its proposed draft issuance. "All grades of the company remain unchanged, including the previous "Baa3" rating on senior unsecured notes," the rating agency said in a Tuesday report. The casino group's outlook is "stable," the agency added.
The refinancing of Las Vegas Sands "improves the maturity profile of the company," according to Moody's
"The stable outlook reflects our expectation that visitation and gaming revenue will continue to increase in 2024, allowing Las Vegas Sands to recover its credit metrics to a level consistent with our expectations," the rating agency added.
"Given Macau's continued recovery, Singapore's strength and deleveraging from EBITDA [earnings before interest, taxation, depreciation and amortization] growth, we are well positioned to tap into debt capital markets to address maturities in 2024," CBRE Capital Advisors Inc observed in a note on Tuesday.
"This issue was expected and as 2024 maturities are resolved, the focus of Las Vegas Sands in the second half of 2024 could shift to $1.8 billion due in Sands China in 2025 and another $500 million at the Las Vegas Sands level," analysts Colin Mansfield and Connor Parks wrote.
"Las Vegas Sands should be a regular unsecured issuer over the next few years, and its credit profile provides exposure to two strong global gaming jurisdictions, a carefully managed balance sheet and shareholder returns strategy, and moderate leverage," they added.
Las Vegas Sands' total leverage in the first quarter "improved from 3.6 to 3.3 times quarter-on-quarter, primarily driven by EBITDA growth," according to CBRE
"In our first quarter 2024 earnings call, [Las Vegas Sands] management reiterated their commitment to longstanding financial policy of maintaining investment ratings and "2.0 to 3.0 times" total leverage," the CBRE team said.
BY: 슬롯사이트
