Venetian Casinos $850 million eight-year notes talked at 10 7/8%-11 1/8%, pricing Wednesday

By Paul A. Harris

St. Louis, Mo., May 21 - Price talk of 10 7/8%-11 1/8% emerged Tuesday on Venetian Casino Resort LLC/Las Vegas Sands, Inc.'s offering of $850 million of eight-year second mortgage notes (Caa1/B-), according to a syndicate source.

The deal is expected to price Wednesday.

Goldman Sachs & Co. is the bookrunner. Scotia Capital is co-manager.

The Rule 144A notes are non-callable for four years and contain an equity clawback of 35% for three years.

Proceeds will be used to help refinance all debt - the company's 12¼% mortgage notes due 2004, 14¼% senior subordinated notes due 2005 and bank debt - and to finance construction of the Phase 1a 1,000 room addition.

The gaming, lodging and retail company is headquartered in Las Vegas.

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