A rumored US$9 billion loan being sought by Singapore’s Marina Bay Sands to fund its IR2 expansion would be split into three tranches, according to business news outlet Bloomberg.
According to the latest report, the borrowing is set to include up to SG$7.5 billion for a delayed-draw term financing, SG$3.75 billion in term loans and SG$750 million for a revolving credit facility. MBS is said to be in the process of marketing the loan via a group of banks, with interest income also reported to be around 120 basis points per year.
Once realized, the loan would become the largest such financing in Singapore’s history, beating the previous record of SG$9.3 billion (US$6.9 billion) signed in 2012 to finance Thai billionaire Charoen Sirivadhanabhakdi’s acquisition of consumer group Fraser & Neave Ltd, according to a report by Bloomberg.
MBS parent Las Vegas Sands only recently revealed its updated costings for its Singapore expansion, which at US$8 billion is now more than double the original US$3.3 billion estimate first announced in 2019.
dubbed “Marina Bay Sands IR2”, the project will focus on development of a fourth hote tower which will boast its own casino amenities, including a main casino area in the podium plus “sky gaming” in the new tower, as well as 570 luxury suites, a 15,000-seat arena, 110,000 square feet of MICE space, its own SkyPark and high-end F&B.
Construction is slated to begin by June next year with an estimated opening date of 1 January 2031.
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