Las Vegas Sands has entered into new loan agreements that will provide an additional SG$4 billion (US$2.89 billion) in funds for the expansion of its Singapore integrated resort, Marina Bay Sands.
The amended loan agreements comprise three facilities, including an extension to the termination date of term loans under the company’s Facility A to 31 August 2026. The amended Facility A Loans will be subject to interim quarterly amortization payments, beginning with the fiscal quarter ending 31 December 2019 in an amount equal to 0.50% of the principal amount outstanding.
The amended agreements also increase the amount of revolving credit commitments available by SG$250 million to a total of SG$750 million while extending the termination date of Facility B to 27 February 2026.
Meanwhile, under a Third Restated Facility Agreement, Las Vegas Sands revealed that certain lenders have committed to provide a new delayed draw term loan facility in an aggregate principal amount of up to SG$3.75 billion. The Facilty D will be available to the LVS’s subsidiary, Marina Bay Sands Pte. Ltd, at any time prior to 30 December 2024 “to finance project costs associated with the expansion project being developed pursuant to the Development Agreement, dated as of April 3, 2019, between MBS and the Singapore Tourism Board.”
The termination date for the Facility D is 31 August 2026.
LVS announced in April that it would invest around SG$4.5 billion (US$3.3 billion) into the expansion of Marina Bay Sands, including a new hotel tower, MICE facilities, a 15,000-seat arena and additional gaming space.
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