金沙中国计划于6月11日全额赎回2025年票据

Restricted - External Wilson Ho, CFA+852 2903 2656wilson.ho@barclays.comBarclays Bank, Hong Kong FIGURE 1. Macau gaming issuers' debt maturity coverage by existing liquidity (as at end of 1Q25)Macau gaming short-term bonds fully covered by existing liquidityOur earlier analysis shows that Macau gaming issuers' existing liquidity levels, which comprisecash and unutilised credit facilities, aresufficientto cover all their debts due in 2025 and 2026(see Macau Gaming: Revisit and reinvest, 16 May 2025). We think Sands China's early bondredemption supports our view that macro volatility and falling HIBOR may prompt issuers toconsider bank loans for bond refinancing purposes.Details and key terms of Sands China's term loansThe unsecured term loan facility Sands China plans to use to refinance the SANLTD Aug25s wasobtained in October 2024 under the 2024 SCL Credit Facility. The size of the term loan facility isHKD12.95bn (USD1.67bn), which Sands China could drawndown at any time until 31 August2025, for repaying the Aug25s. As a reference, the 2024 SCL Credit Facility also includes aHKD19.5 billion unsecured revolving credit facility. Source: Company data, Barclays Research26 May 2025 2 Lender analysis:According to the details of the 2024 SCL facility agreement, 12 lenders areinvolved in the HKD12.95bn term loan facility, of which seven are Chinese banks, providing 81%of the funding size of the term loan facility.Cost:3-month HIBOR + 165bp.Covenant:Maximum total indebtedness-to-adjusted EBITDA at 4.00x; minimum adjustedEBITDA-to-net interest expenses (including capitalised interest) of 2.50x.Repayment of Term Loan:The term loan involves 20-installments, starting three monthsafterthe utilisation Date and continuing quarterly. Each installment, except the last, will be chargedat 0.75% of the borrowed amount. The borrower cannot re-borrow any repaid part of the termloan facility.3 Open in Barclays Live ChartSource:Credit- Barclays Trading, S&P Global Market IntelligenceSummary of RatingsBloomberg EM Asia USD High Grade Credit IndexAsia HG China CorporatesSANDS CHINA LTDSource: Barclays Research Analyst(s) Certification(s):I, Wilson Ho, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays").All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and / or derivatives, which may pose a conflict with the interests of investing customers. Where permitted and subject toappropriate information barrier restrictions, Barclays fixed income research analysts regularly interact with its trading desk personnel regardingcurrent market conditions and prices. Barclays fixed income research analysts receive compensation based on various factors including, but notlimited to, the quality of their work, the overall performance of the firm (including the profitability of the Investment Banking Department), theprofitability and revenues of the Markets business and the potential interest of the firm's investing clients in research with respect to the asset classcovered by the analyst. To the extent that any historical pricing information was obtained from Barclays trading desks, the firm makes norepresentation that it is accurate or complete. All levels, prices and spreads are historical and do not necessarily represent current market levels, pricesor spreads, some or all of which may have changed since the publication of this document.