Las Vegas Sands to pay off $1 billion in debt through amendment of credit facility
By APWednesday, August 18, 2010
Las Vegas Sands to pay off $1 billion in debt
NEW YORK — Las Vegas Sands plans to pay off more than $1 billion in outstanding debt because of its previously announced amendment to a credit facility.
The casino operator led by billionaire Sheldon Adelson says the amendment extends the maturity of nearly 75 percent of its $3.9 billion in term loans and pushes their maturity to 2015 and 2016.
In addition to strengthening its cash position and overall financial profile, the company also says the payment gives it the opportunity to grow its business in emerging gaming markets.
Las Vegas Sands Corp. expects the $1 billion payment to happen later this week.
The company said last month its booming business in China and a new casino in Singapore helped narrow its second-quarter loss.
