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Sands Seals Deal for $5B Credit Facility

LAS VEGAS-Las Vegas Sands LLC enters a new agreement governing its $5-billion senior secured credit facility.

By Brian K. Miller | Updated on May 31, 2007

LAS VEGAS-Las Vegas Sands LLC, a subsidiary of Las Vegas Sands Corp. this week entered into a new agreement governing its $5 billion senior secured credit facility. The new facility includes a $3 billion tranche B term loan that has been funded, a $600 million delayed draw term loan facility that will be funded in 12 months, a $400 million term loan facility to be funded in 18 months, and a $1 billion revolving credit facility.

Las Vegas Sands Corp.’s Strip assets include the Venetian resort, the adjacent Sands Expo convention complex, and the Palazzo, a neighboring $1.6-billion project that is under construction. The company began the marketing and syndication of the new credit facility six weeks ago.The funded term loan, which was drawn at closing, provided the company funds to repay debt associated with the existing credit facility, and to cover costs associated with the new facility. The other loans will be used to fund domestic and international development projects, including completion of the Palazzo, which will feature a 3,000-room hotel-casino, 450,000 sf of retail, a high-rise condominium tower and an 1,800-seat theater. Other current US development projects include the Sands Expo and Convention Center II, a new convention center to be built near the existing Sands Expo and Convention Center, and the construction of Sands Bethworks, a gaming, hotel, shopping and dining complex to be located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania.

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