Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, is seeking $3.25 billion of loans to pay off an existing credit pact, according to a person with knowledge of the transaction.
The financing consists of a $2.5 billion term loan B and a $750 million revolving credit line, said the person, who asked not to be identified because terms aren’t set. Barclays Plc is leading the deal and a meeting with lenders is scheduled for Dec. 4.
The borrowing subsidiary, Las Vegas Sands LLC, has about $3.2 billion of first-lien loans, a portion of which matures as soon as May 2014, according to data compiled by Bloomberg.
Other banks arranging the new debt include Citigroup Inc., Bank of America Corp., BNP Paribas SA, Goldman Sachs Group Inc. and Bank of Nova Scotia, the person said.
Ron Reese, a spokesman for the Las Vegas-based company, didn’t immediately return a phone call seeking comment on the financing.
Under a revolver, money can be borrowed again once it’s repaid; in a term loan, it can’t. A term loan B is sold mainly to non-bank lenders such as collateralized loan obligations, bank loan mutual funds and hedge funds.