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


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)

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