Marina Bay Sands Pte. Ltd, the operating entity of Las Vegas Sands’ Singapore integrated resort Marina Bay Sands, says it has entered into an amendment letter with its lenders to amend a facility agreement originally dated 25 June 2012 and provide greater financial flexibility through 2021.
The amendment letter, agreed by DBS Bank Ltd as agent, provides for a variety of modifications to the facility agreement, including a waiver from leverage and interest coverage covenants for the financial quarters ending 30 September 2020 through 31 December 2021. It also extends the deadline for delivering the Quantity Surveyor’s Construction Costs Estimate and the Construction Schedule for the US$3.3 billion MBS expansion project until 30 June 2021.
Under the terms of the amendment letter, MBS has been granted permission to make dividend payments of unlimited amounts during the waiver period if the ratio of debt to consolidated adjusted EBITDA is lower than or equal to 4.25 to 1, or up SG$500 million per fiscal year if the ratio is higher than 4.25 to 1, pending other requirements.
MBS agreed to pay its lenders a customary fee by last Friday 19 June 2020.
Singapore’s two integrated resorts, MBS and Resorts World Sentosa, reopened some retail and F&B outlets on Friday, having shut down on 7 April due to COVID-19. However, their casinos, hotels and other attractions remain closed.
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