Waddell & Reed to exit Sands China with $1.3 billion selldown: term sheet

HONG KONG Tue May 27, 2014 8:32pm EDT

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HONG KONG (Reuters) - U.S. investment firm Waddell & Reed Financial Inc. (WDR.N) launched on Wednesday an up to $1.3 billion selldown in Sands China Ltd. (1928.HK), offering its remaining stake in the casino operator, according to a term sheet of the deal seen by Reuters.

Waddell & Reed offered 192.64 million Sands China shares in an indicative range of HK$55.27 to HK$55.90 each, equivalent to a discount of up to 5.1 percent to Tuesday's closing price, the terms said.

(Reporting by Elzio Barreto; Editing by Miral fahmy)