News Column

LAS VEGAS SANDS CORP FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits

August 29, 2014



Item 1.01 Entry Into a Material Definitive Agreement.

On August 29, 2014, Marina Bay Sands Pte, Ltd. ("MBS" or the "Borrower"), a subsidiary of Las Vegas Sands Corp. ("LVSC"), entered into an Amendment and Restatement Agreement (the "Amendment Agreement") with the Lenders party thereto and DBS Bank Ltd. ("DBS"), as Agent. Through the form of the amended and restated facility agreement attached thereto, the Amendment Agreement amends and restates the Facility Agreement, dated as of June 25, 2012 (as amended by an amendment agreement dated November 20, 2013, the "Existing Facility Agreement"), among MBS, as borrower, various lenders party thereto, DBS, Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Malayan Banking Berhad, Singapore Branch, as global coordinators, DBS, as agent and security trustee, and DBS, Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited, Malayan Banking Berhad, Singapore Branch, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and CIMB Bank Berhad, Singapore Branch, as mandated lead arrangers (the Existing Facility Agreement, as so amended and restated, the "Restated Facility Agreement"). Upon satisfaction of the conditions therein and according to its terms, the Amendment Agreement became effective on August 29, 2014 (the "Restatement Date"). Capitalized terms used herein and not defined herein are defined in the Restated Facility Agreement.

Pursuant to the Amendment Agreement, each consenting lender holding Facility A Loans under the Existing Facility Agreement extended the maturity of such term loans to August 28, 2020, and each consenting lender holding Facility B Loans under the Existing Facility Agreement extended the maturity of such revolving loans to February 28, 2020.

Among other amendments provided for by the Restated Facility Agreement, (x) the amortization schedule for the Facility A Loans was amended to provide for 0% due at the end of the third quarter of 2014, 0.5% due at the end of each quarter beginning with the fourth quarter of 2014 until (and including) the third quarter of 2018, 5% due at the end of each quarter beginning with the fourth quarter of 2018 until (and including) the third quarter of 2019, and 18% due at the end of each quarter beginning with the fourth quarter of 2019 until the second quarter of 2020 and on the maturity date of the Facility A Loans; and (y) the leverage covenant was amended to provide that leverage shall not exceed 3.50 to 1.0 on the last day of each fiscal quarter from the end of the fourth quarter of 2013 until (and including) the end of the third quarter of 2019, and 3.00 to 1.0 on the last day of subsequent fiscal quarters.

Some of the lenders, agents and arrangers under the Amendment Agreement and Restated Facility Agreement and their respective affiliates have provided, and may provide in the future, investment banking, commercial banking and other financial services for LVSC and its subsidiaries in the ordinary course of business, for which they have received and will receive customary compensation.

Also on August 29, 2014, LVSC issued a press release announcing the Restated Facility Agreement, which is attached as Exhibit 99.1.

--------------------------------------------------------------------------------



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant.

The information set forth above in Item 1.01 is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. 99.1 Press Release



--------------------------------------------------------------------------------


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Edgar Glimpses


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters