Sands China Ltd. Announces US$3.5 Billion Refinancing

Wed Jun 15, 2011 8:30am EDT

* Reuters is not responsible for the content in this press release.

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.


    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.



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