Sands China Ltd. Announces US$3.5 Billion Refinancing
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LAS VEGAS, NV, Jun 15 (MARKET WIRE) -- Sands China Ltd. (HKSE: 1928), a majority owned subsidiary of Las Vegas Sands Corp. (NYSE: LVS) announced today that Sands China has received lender commitments for US$3.5 billion and will have the option to raise an incremental US$1.0 billion of new senior secured credit facilities under existing baskets within the new credit facilities. The new credit facilities, once entered into, are expected to significantly reduce the company's interest expense, extend the company's debt maturities to 2016, enhance the company's financial flexibility and further strengthen the company's financial position. The new facilities will consist of a US$3.0 billion five-year Term Loan A and an undrawn US$500 million five-year Revolver. Borrowings under the Term Loan A and the Revolver are subject to a pricing grid and after a 6-month introductory period will have initial pricing set at 2.0% above the London Interbank Offering Rate ("LIBOR"), while pricing for any incremental borrowings under the new credit facilities would be subject to market conditions. Proceeds from the new senior secured credit facilities coupled with cash on hand will be used to retire the outstanding balances and commitments on Sands China's existing US$2.7 billion Venetian Macau Credit Facility and its US$1.75 billion Venetian Orient Limited Credit Facility as well as fund the completion of construction of the first two phases of Parcels 5&6 on the Cotai Strip in Macau. The transactions are subject to certain Macao Government approvals and entering into final loan documentation. ABOUT LAS VEGAS SANDS CORP. Las Vegas Sands Corp. (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (integrated resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities. THE VENETIAN(R) and THE PALAZZO(R), Five-Diamond luxury resorts on the Las Vegas Strip, are among the company's properties in the United States. In Singapore, the iconic MARINA BAY SANDS(R) is the most recent addition to the company's portfolio. Through its majority-owned subsidiary Sands China Ltd., the company also owns a collection of properties in Macau, including THE VENETIAN(R) Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments at its COTAI STRIP(R) development, as well as the SANDS(R) Macao on the Macau peninsula. The company is currently constructing a 6,400-room complex at the COTAI STRIP, which will feature the Sheraton and St. Regis hotel brands. Las Vegas Sands is also committed to global sustainability through its SANDS Eco 360 program and is an active community partner through its various charitable organizations. Contacts: Investment Community: Daniel Briggs (702) 414-1221 Media: Ron Reese (702) 414-3607 Copyright 2011, Market Wire, All rights reserved. -0-
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