By Paul A. Harris
St. Louis, Mo., May 22 - Venetian Casino Resort, LLC/Las Vegas Sands, Inc. priced $850 million of second mortgage notes due June 15, 2010 (Caa1/B-) at par Wednesday to yield 11%, according to a market source.
Price talk was 10 7/8%-11 1/8%.
Goldman Sachs & Co. was the bookrunner, and Scotia Capital was co-manager.
Proceeds from the Rule 144A deal, along with a new credit facility, will be used to refinance all debt - the 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.
Issuer: Venetian Casino Resort, LLC/Las Vegas Sands, Inc.
Amount: $850 million
Maturity: June 15, 2010
Type: Second mortgage notes
Bookrunner: Goldman Sachs
Co-manager: Scotia Capital
Coupon: 11%
Price: Par
Yield: 11%
Price talk: 10 7/8%-11 1/8%
Spread: 590 basis points over the 10-year Treasury
Call features: Callable with a T+50 make-whole call until June 15, 2006, then callable at 105.50, 103.667, 101.833, par on June 15, 2009 and thereafter
Equity clawback: Until June 15, 2005 for 35% at 111
Settlement date: June 4, 2002
Ratings: Moody's: Caa1
| Standard & Poor's: B-
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| Rule144A CUSIP: | 92264NAE7
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