Moody's rates Las Vegas Sands facility Ba2

Moody's Investors Service said it assigned a Ba2 rating to Las Vegas Sands, LLC's proposed $3 billion senior secured credit facility comprised of a $750 million five-year revolver and $2.25 billion seven-year term loan B.

Proceeds from the proposed facility will be used to refinance all amounts outstanding under the company's existing revolver, term loans and delayed draw term loans.

Moody's said the transaction will be leverage neutral except for the fact that the proposed facility will expand Las Vegas Sands, LLC's revolver borrowing capacity to $750 million from $500 million. roughly $540 million of the $750 million revolver is expected to be drawn at closing.

The Ba2 rating assigned to the proposed credit facility considers its senior secured status along with the fact that that senior secured debt accounts for almost all of parent company Las Vegas Sands, Corp.'s consolidated debt capital structure.

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