The casino operator finalized a senior notes deal due 2031, strengthening its balance sheet and extending its debt maturity profile.
Hong Kong.- SJM Holdings has successfully completed the issuance of US$540m in senior unsecured notes, marking a key financing milestone for the Macau-based casino operator. The bonds, which carry a 6.5 per cent annual coupon and mature in 2031, were issued through subsidiary SJM International and are set to begin trading on the Stock Exchange of Hong Kong on January 16, following the transaction’s close a day earlier.
Issued at par value, the notes are unconditionally and irrevocably guaranteed by parent company SJM Holdings Limited. Interest will be paid semi-annually on January 15 and July 15, with the first payment scheduled for July 15, 2026. According to the company, gross proceeds from the offering amounted to US$540m before underwriting discounts and related expenses, with net proceeds earmarked primarily for refinancing existing debt and general corporate purposes.
The completed transaction follows SJM Holdings’ earlier announcement outlining its intention to extend the maturity profile of its debt. As previously disclosed, the group is also repurchasing its outstanding 4.5 per cent senior notes due later this month, using a combination of internal resources and funds raised through the new issuance. A portion of the new notes was subscribed by controlling shareholder Sociedade de Turismo e Diversões de Macau SA (STDM) via a subsidiary, under terms negotiated independently and without asset backing.
The deal was supported by a syndicate of international and regional banks acting as joint global coordinators, bookrunners and lead managers, underscoring continued investor appetite for Macau gaming credit as operators recalibrate their capital structures in the post-pandemic recovery phase.
The casino operator finalized a senior notes deal due 2031, strengthening its balance sheet and extending its debt maturity profile. Hong Kong.- SJM Holdings has successfully completed the issuance of…
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