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Las Vegas Sands Sets Rate; Cumulus Seeks Refinancing Loans

Las Vegas Sands LLC set the rate on $3.25 billion of loans it’s seeking to repay debt, while Cumulus Media Inc. met with lenders to discuss a $2.2 billion refinancing.

The casino operator controlled by billionaire Sheldon Adelson is proposing to pay interest at 2.25 percentage points to 2.5 percentage points more than the London interbank offered rate, with a 0.75 percent minimum on a $2.5 billion term piece that expires in seven years, according to a person with knowledge of the transaction. The debt will be offered to lenders at 99.5 cents on the dollar.

A $750 million revolving line of credit due in five years will pay interest at 1.5 percentage points more than Libor, said the person, who asked not to be identified because terms aren’t set. Barclays Plc is leading the financing, which will repay all debt under the company’s credit pact. Commitments are due Dec. 12.

Radio broadcaster Cumulus is seeking $2.2 billion in loans to refinance debt that expires in 2018 and 2019, according to a report today from Moody’s Investors Service. The deal consists of a $2.025 billion term portion and a $200 million revolving line of credit. The ratings company graded the proposed debt B1, one level higher than its B2 corporate family rating. JPMorgan Chase & Co. is leading the transaction, and hosted a call with lenders at 2 p.m., according to a person with knowledge of the matter.

Leveraged loans in the U.S. have gained 4.8 percent this year, according to the Standard & Poor’s/LSTA U.S. Leveraged Loan 100 index. Prices on the largest, first-lien debt were little-changed today at 98.13 cents on the dollar.

American Airlines

AMR Corp.’s American Airlines Inc. is seeking to lower the rate on the $1.9 billion debtor-in-possession loan it got in June, according to a person with knowledge of the transaction. The bankrupt carrier that plans to merge with US Airways Group Inc. is proposing to pay interest at 3 percentage points to 3.25 percentage points more than Libor, down from 3.75 percentage points it currently pays. The lending benchmark will have a 1 percent minimum.

Vantage Energy LLC set the rate on a $200 million second-lien loan it’s seeking to repay revolver borrowings, according to a person with knowledge of that deal. The five-year debt will pay interest at 6.75 percentage points more than Libor, with a 1 percent minimum. Lenders are being offered the loan at 99 cents on the dollar. Credit Suisse Group AG is leading the financing and seeks commitments on Dec. 17.

Darling International Inc. is proposing to pay interest at 2.5 percentage points to 2.75 percentage points more than Libor with a 0.75 percent minimum on the lending benchmark on a $600 million term loan to support its acquisition of Vion Ingredients. JPMorgan Chase & Co. and Goldman Sachs Group Inc. are arranging the financing for the largest U.S. recycler of meat-production byproducts and restaurant cooking oils.

In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan, it can’t. First-lien debt is repaid first in a bankruptcy or liquidation, second-lien debt is repaid next.

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