Las Vegas Sands informed that the company has entered into a credit agreement which provides financing of up to USD 3.7 billion for the development of the Marina Bay Sands in Singapore.
Borrowings under the credit agreement will bear interest at a spread of 2.25% above the Singapore Dollar SWAP Offer Rate for a selected maturity of one, two, three or six months. The current Singapore Dollar Swap Offer Rate for a maturity of three months is approximately 2.16%.
Las Vegas Sands Corp. President William Weidner stated, „We are pleased to have completed this important financing for our Marina Bay Sands development. 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.”
„The vote of confidence we have received from the international financial community, including leading Singapore-based financial institutions, is a testament both to our track record of successful Integrated Resort development worldwide and to the significant economic benefits the Marina Bay Sands, South Asia’s first Integrated Resort, will deliver to the economy and people of Singapore,“ continued Weidner.
„Our Marina Bay Sands development remains on track for a late 2009 opening, and we look forward to continuing to work closely with the Singapore authorities as we complete the final design components of this iconic development in the coming months,“ he concluded.