Las Vegas Sands sets $2.18 billion term loan B issue price at par

By Sara Rosenberg

New York, March 20 – Las Vegas Sands LLC firmed the issue price on its $2,183,000,000 term loan B at par, the tight end of the 99.75 to par talk, according to a market source.

Also, the maturity date of the term loan was changed to March 2025 from March 2024, the source said.

Pricing on the loan remained at Libor plus 175 basis points with a 0% Libor floor, and the debt still has 101 soft call protection for six months.

Bank of Nova Scotia, Bank of America Merrill Lynch, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Fifth Third Bank and Goldman Sachs Bank USA are the leads on the deal. Scotia is the administrative agent.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to reprice, and now extend, an existing term loan due March 2024 down from Libor plus 200 bps with a 0% Libor floor.

Las Vegas Sands is a Las Vegas-based developer and operator of integrated resorts.

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