Las Vegas Sands calls $291.14 million 11% mortgage notes

By Caroline Salls

Pittsburgh, Jan. 4 - Las Vegas Sands Corp. said subsidiaries Las Vegas Sands Inc. and Venetian Casino Resort LLC will redeem $291.14 million of their 11% mortgage notes due 2010 on Feb. 1 at a price of 111% of the principal amount of the notes plus accrued interest.

Las Vegas Sands and Venetian Casino Resort exercised their option to redeem a portion of the notes using proceeds from an equity offering.

The redemption is expected to result in $29.4 million in pre-tax interest savings in 2005.

Las Vegas Sands Inc. is a Las Vegas hotel and gaming company.

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