Las Vegas Sands Corp.'s Strip assets include the Venetian resort, the adjacent Sands Expo convention complex, and the Palazzo, a neighboring $1.6-billion project that is under construction. The company began the marketing and syndication of the new credit facility six weeks ago.The funded term loan, which was drawn at closing, provided the company funds to repay debt associated with the existing credit facility, and to cover costs associated with the new facility. The other loans will be used to fund domestic and international development projects, including completion of the Palazzo, which will feature a 3,000-room hotel-casino, 450,000 sf of retail, a high-rise condominium tower and an 1,800-seat theater. Other current US development projects include the Sands Expo and Convention Center II, a new convention center to be built near the existing Sands Expo and Convention Center, and the construction of Sands Bethworks, a gaming, hotel, shopping and dining complex to be located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania.

In April, in support of its effort to begin the marketing and syndication of a $5 billion domestic credit facility, Las Vegas Sands released early some first quarter data related to its operations in Las Vegas, which include the Venetian resort, the adjacent Sands Expo convention complex, and the Palazzo, A $1.6-billion addition to the Venetian and Sands Expo that is scheduled to begin opening later this year.

Goldman Sachs Credit Partners LP, Lehman Brothers Inc., and Citigroup Global Markets Inc., acted as joint lead arrangers, joint bookrunners and co-syndication agents for the credit facility. The Bank of Nova Scotia acted as administrative agent and collateral agent, and JPMorgan Chase Bank NA acted as documentation agent.

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Sands Seals Deal for $5B Credit Facility

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