Las Vegas Sands Corp has drawn down the first US$750 million tranche of its latest US$1.75 billion syndicated loan for Cotai in Macau, the company said in a filing to the US Securities and Exchange Commission.
The loan is for construction work on the next stage of the company’s infrastructure on the Cotai Strip, known as Parcels 5 and 6. The loan was activated on 16th July, LVS said. The company didn’t specify whether that meant work on 5 and 6 was due to be ramped up imminently
The company said in an earlier filing that the first phase of Cotai 5 and 6, consisting of three hotels-a Sheraton, a Traders and Shangri-La-with 400 gaming tables and up to 2,200 slot machines, would be completed by the third quarter of 2011. A number of analysts said recently that timetable may need some relaxation because of labour shortages linked to delays in Macau government issuance of permits for non-resident workers.
Ten lenders are party to the syndicated loan, including Goldman Sachs Lending Partners LLC, BNP Paribas, Citibank and three Chinese banks– Bank of China, Industrial and Commercial Bank of China, and Oversea-Chinese Banking Corporation.
In addition to the first tranche of money, the credit agreement also makes available a US$750 million term loan offered on a delayed draw basis until 17th November 2011 and a US$250 million revolving credit facility available until 17th April 17 2015.
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