Macau casino operator Sands China Ltd on Thursday announced that some its subsidiaries have entered into a new amendment and restatement agreement with lenders, including for an additional US$1-billion loan.
In a filing to the Hong Kong Stock Exchange, Sands China said that each consenting lender under the existing credit agreement agreed to extend the maturity of its term loans to May 31, 2022 and to modify the scheduled amortisation payment dates.
The casino firm additionally said that “certain lenders agreed to provide new term loan commitments” equal to US$1 billion, with a maturity date of May 31, 2022.
Sands China said the restated credit agreement would be effective upon satisfaction of certain closing conditions, including approval by the Macau government.
The financing will be used for working capital and other general corporate purposes, added the company.
The existing and new term loan bears interest at either – depending on the borrower’s preference – an adjusted Eurodollar rate or at HIBOR (Hong Kong Interbank Offered Rate), plus a credit spread; or an alternative base rate plus a credit spread, the company said in Thursday’s filing.
The credit spread ranges from 0.250 percent to 1.125 percent per annum for loans accruing interest at a base rate, and from 1.250 percent to 2.125 percent per annum for loans accruing interest at an adjusted Eurodollar rate or HIBOR, the announcement stated.
Sands China, a subsidiary of U.S.-based Las Vegas Sands Corp, currently is building a US$2.7-billion casino resort in Cotai. The Parisian Macao (pictured) is set to open in mid-September, the firm said last week.
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"We hope that the earnings power of that building [the Londoner], when we are finished, can rival that of the Venetian [Macao]"
Senior vice president of investor relations at casino operator Las Vegas Sands