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LV Sands Units Amend $2.5B Credit Agreement

LAS VEGAS-The credit agreement is related to Las Vegas Sands development projects in Macau, China. The amendment allows the funds to be used more broadly than in the past.

By Brian K. Miller | Updated on March 11, 2007

LAS VEGAS-Three subsidiaries of Las Vegas Sands Corp.–Venetian Macau Limited, Venetian Cotai Limited and VML US Finance LLC–have amended their $2.5-billion credit agreement. The amendment allows the funds to be used more broadly than in the past. The agreement is with the Bank of Nova Scotia (administrative agent), Banco Nacional Ultramarino SA and Sumitomo Mitsui Banking Corp. (as co-documentation agents), and Goldman Sachs Credit Partners LP, Lehman Brothers Inc. and Citigroup Global Markets Inc. (as co-syndication agents, joint lead arrangers and joint bookrunners).

The amendment amends allows the proceeds of the term B funded loans, term B delayed draw loans and any new term loans or new revolving loans incurred under the incremental facility to be used for working capital and general corporate purposes of the loan parties or to make other investments or payments permitted under the agreement, in addition to funding project costs. The amended credit agreement also expands the loan parties’ ability to make certain investments in other projects owned by excluded subsidiaries.

As part of the amendment, the permitted investment carve-out for investments to fund construction and development project costs for resort projects on sites 5 and 6 on the “Cotai Strip” has been increased from $500 million to $800 million (less certain amounts drawn under the Disbursement Agreement and certain other investments in excluded subsidiaries). In addition, the loan parties may loan up to $200 million of the $800 million described above to excluded subsidiaries to develop other resort projects to be located on sites 3, 7 and 8 on the Cotai Strip.

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