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Sands China granted further extension to waivers on US$3 billion credit facility

Newsdesk by Newsdesk
Thu 8 Jul 2021 at 04:03
Decline in VIP volume sees Sands China net revenue slip 2.0% in 3Q19

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Sands China Ltd has reached an agreement with lenders that will see waivers on a US$3 billion credit facility extended until 1 January 2023.

The waivers relate to a credit facility originally entered into in 2018 through which Sands China’s lenders provided an initial US$2 billion facility available until 31 July 2023. The facility included two financial covenants – a requirement for the company to ensure the Consolidated Leverage Ratio as of the last day of any financial quarter does not exceed 4.00 to 1.00, and that the Consolidated Interest Coverage Ratio (as defined in the 2018 SCL Credit Facility) as of the last day of any financial quarter remains greater than 2.50 to 1.00.

Sands China subsequently reached an agreement with lenders in March 2020, a little over a month after the global COVID-19 pandemic made its presence felt in Macau, to waive those financial covenants for the period from 1 January 2020 to 1 July 2021.

A second agreement was then reached in September extending the waiver to 1 January 2022 and increasing the size of the facility by another US$1 billion to US$3 billion. In return, restrictions were imposed on the ability of the company to issue dividends during the waiver period should it exceed certain leverage ratios or debt levels.

In a Wednesday filing, Sands China said it has now entered into a further extension to the waiver for another 12 months until 1 January 2023. The dividend restriction period has also been extended to match.

Sands China, which operates The Venetian Macao, The Londoner Macao, The Parisian Macao and The Plaza Macao in Cotai and Sands Macao on the Peninsula, reported a loss of US$213 million in 1Q21.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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