Waddell & Reed to exit Sands China with $1.3 bln selldown-term sheet

HONG KONG Tue May 27, 2014 8:30pm EDT

HONG KONG May 28 (Reuters) - U.S. investment firm Waddell & Reed Financial Inc. launched on Wednesday an up to $1.3 billion selldown in Sands China Ltd., 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)