15th Jan 2008
LAS VEGAS, Jan. 15 /PRNewswire-FirstCall/ -- Las Vegas Sands Corp. (NYSE: LVS) announced today that the company has completed the initial funding of SGD $2.0 billion under its credit facility for the development of the Marina Bay Sands in Singapore. The initial borrowing under the credit facility, for which the interest rate is based on the Singapore Dollar Swap Offer Rate for a maturity of thirty days, bears interest at approximately 3.6%.
Las Vegas Sands Corp. Chairman and Chief Executive Officer Sheldon G. Adelson stated, "We are pleased to have completed the first drawdown of this precedent-setting financing for our Marina Bay Sands development. The credit facility, which is the largest private Singapore Dollar-denominated financing ever completed, will provide flexible and cost effective financing as we build South Asia's first Integrated Resort. We are quite gratified that the Singapore interest rate is significantly below the rates which we would have to incur in the U.S. or other international markets in today's market."
Statements in this press release, which are not historical facts, are "forward looking" statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to general economic conditions, competition, new ventures, government regulation, legalization of gaming, interest rates, future terrorist acts, insurance, and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission.
