Las Vegas Sands enters new $1.5 billion revolving credit agreement

By Wendy Van Sickle

Columbus, Ohio, April 3 – Las Vegas Sands Corp. entered into a revolving credit agreement for $1.5 billion on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The agreement includes a $150 million sub-facility for letters of credit and is set to mature on April 3, 2029.

The revolving loans will bear interest at SOFR plus an applicable margin of 112.5 basis points to 155 bps, and commitment fees range from 12.5 bps to 25 bps, based on the company’s credit ratings.

Las Vegas Sands is limited to a maximum consolidated leverage ratio of 4 to 1 as of the last day of each fiscal quarter under the agreement.

Bank of Nova Scotia is the administrative agent and swingline lender. Bank of Nova Scotia and BofA Securities, Inc. worked as joint lead arrangers and joint bookrunners. Barclays Bank plc, BNP Paribas Securities Corp., Goldman Sachs Bank USA and Sumitomo Mitsui Banking Corp. are the documentation agents.

In connection with the revolver, commitments under the company’s credit and guaranty agreement dated Aug. 9, 2019 were terminated and repaid.

Proceeds under the loan may be used for working capital and general corporate purposes.

Las Vegas Sands is a Las Vegas-based developer and operator of integrated resorts.

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