LVS · Las Vegas Sands Corp.

Las Vegas Sands Corp. executed a $1 billion senior notes offering on May 13, 2026, comprising $500 million 5.300% notes maturing May 15, 2031, and $500 million 5.650% notes maturing May 18, 2033. This refinancing replaces the company's $1 billion 3.500% notes due August 2026, extending debt maturities by 5-7 years while increasing the blended coupon rate. The notes are issued under an existing base indenture from July 31, 2019, supplemented by tenth and eleventh indentures specific to each series, with U.S. Bank Trust Company, National Association as trustee. Key investor protections include semi-annual interest payments starting November 2026, optional redemption prior to par call dates (April 15, 2031 for 2031 Notes; March 18, 2033 for 2033 Notes) at a make-whole price or par thereafter, and a mandatory change of control repurchase offer at 101% of principal. Covenants restrict liens, sale-leaseback transactions, and significant asset dispositions, providing moderate protection without subsidiary guarantees. The unsecured senior status ensures pari passu ranking with other senior unsecured debt. Proceeds will fully retire the 2026 notes, eliminating near-term refinancing risk and supporting general corporate purposes, signaling proactive balance sheet management amid operational demands in gaming jurisdictions.