Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Las Vegas Sands Said to Seek $3.25 Billion Loan to Repay Debt

Dec. 2 (Bloomberg) -- 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.

To contact the reporter on this story: Christine Idzelis in New York at cidzelis@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.