The Macau operator is swapping near-term debt for new senior notes.
Macau.- SJM Holdings has launched a cash tender offer to repurchase US$500m in 4.5 per cent senior notes due on January 27 as it seeks to swap upcoming debt with longer-term financing. The group aims to extend its maturity profile to gain financial flexibility.
The final terms and interest rates for the new debt are expected to be finalised following a book-building exercise. While the refinancing will solve the immediate pressure of the January 27 repayments, rating agencies like Moody’s and Fitch have maintained a “negative” outlook for SJM, whose leverage is estimated at over 8 times its earnings (EBITDA).
The primary concern for investors remains the performance of Grand Lisboa Palace (GLP), SJM’s flagship resort in Cotai. Despite efforts to boost its appeal through retail and events, the property’s ramp-up has been slower than expected while the closure of satellite casinos has added uncertainty to the company’s market share.
Fitch Ratings recently reported that SJM’s market share had dipped to 11.8 per cent in the third quarter of 2025. While the industry grew by double digits, SJM’s gross gaming revenue saw a slight decline.
The Macau operator is swapping near-term debt for new senior notes. Macau.- SJM Holdings has launched a cash tender offer to repurchase US$500m in 4.5 per cent senior notes due…
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