Las Vegas Sands Corp. Completes Amendment of Macau Credit Facility
LAS VEGAS, Aug. 13 /PRNewswire-FirstCall/ -- Las Vegas Sands Corp. (NYSE: LVS) today announced that it has completed an amendment to its $3.3 Billion Macau Credit Facility (Credit Facility).
The amendment provides the company with important advantages, including the ability to sell a minority interest in its Macau operations, six quarters of covenant relief, and, subject to certain limitations, the ability to issue senior secured or unsecured notes in Macau. Additional details of the amendment are reflected in our Current Report on Form 8-K filed concurrently with this release.
The amendment increases the maximum leverage ratio covenant under the Credit Facility in Macau by 1.0X for the four quarters beginning July 1, 2009 and by 0.5X for the two quarters beginning July 1, 2010.
The amendment also increases the interest rate for the loans under the Credit Facility to LIBOR + 5.5% per year. If the company successfully completes the sale of a minority interest in its Macau operations and prepays $500 million of outstanding loans, the interest rate will drop to LIBOR + 4.5% per year.
Mr. Sheldon G. Adelson, chairman and chief executive officer, stated, "We have now received the approval of our Macau lenders and completed the amendment of our Macau Credit Facility. This action represents an important step forward in our plan to maintain and improve liquidity. The amendment significantly increases our financial flexibility and permits us to pursue a potential listing of a minority interest in our Macau operations on an Asian stock exchange. We remain confident that the continued execution of our strategy, and the opening of Marina Bay Sands in the first quarter of 2010, will contribute to the successful de-leveraging of the company and will position us to resume our growth strategy in the years ahead."
About Las Vegas Sands Corp.
Las Vegas Sands Corp. (NYSE: LVS) is the leading international developer of multi-use integrated resorts.
The Las Vegas, Nevada-based company owns and operates The Venetian Resort-Hotel-Casino, The Palazzo Resort-Hotel-Casino, and the Sands Expo and Convention Center in Las Vegas and the Sands Casino Resort Bethlehem(TM) in Eastern Pennsylvania. The company also owns and operates The Venetian Macao Resort-Hotel and the Sands Macao in the People's Republic of China (PRC) Special Administrative Region of Macau. In addition, LVS owns the Four Seasons Hotel Macao and is also developing the Marina Bay Sands(TM) integrated resort in Singapore.
LVS is also creating the Cotai Strip(R), a master-planned development of resort-casino properties in Macau. At completion, the Cotai Strip will feature approximately 21,000 rooms from world-renowned hotel brands such as St. Regis, Sheraton, Shangri-La, Traders, Hilton, Conrad, Fairmont, Raffles, Holiday Inn, and InterContinental.
Contacts:
Investment Community: Daniel Briggs (702) 414-1221
Media: Ron Reese (702) 414-3607
SOURCE Las Vegas Sands Corp.
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