Las Vegas Sands gets S$5.44 billion financing for development of Marina Bay Sands

By Angela McDaniels

Tacoma, Wash., Jan. 4 - Las Vegas Sands Corp. said it entered into a credit agreement that provides up to S$5.44 billion for the development of the Marina Bay Sands in Singapore.

Borrowings under the credit agreement will bear interest at a spread of 225 basis points above the Singapore dollar swap offer rate for a selected maturity of one, two, three or six months. The current swap offer rate for a maturity of three months is about 2.16%.

"The completion of this Singapore dollar-denominated facility, which is the largest private Singapore dollar-denominated financing in Singapore's history, was accomplished on very favorable terms in a challenging global credit environment," Las Vegas Sands president William Weidner said in a company news release.

The Marina Bay Sands development remains on track for a late 2009 opening, he added.

Goldman Sachs, DBS Bank Ltd., UOB Asia Ltd. and Oversea-Chinese Banking Corp. Ltd. acted as coordinators of the financing.

In addition to the coordinators, the lead arrangers included affiliates of Citigroup, Lehman Brothers, Merrill Lynch, Sumitomo Mitsui Banking Corp., Malayan Banking Bhd., Standard Chartered Bank, the Royal Bank of Scotland, Calyon and the Bank of Nova Scotia. DBS Bank Ltd. is the technical bank, agent and security trustee.

The company is a Las Vegas-based developer of multi-use integrated resorts.

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