Las Vegas Sands Corp. Announces Pre-IPO Financing (Chine)
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Las Vegas Sands Corp. Announces Pre-IPO Financing (Chine)
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Catégorie : Asie Pacifique - Chine - Économie du secteur
- Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 03-09-2009
Sale of Exchangeable Bonds to Generate Proceeds of Up to $600 Million
Las Vegas Sands Corp. (NYSE: LVS) announced today that it has secured commitments for up to $600 million of capital through the sale of exchangeable bonds. The bonds will be mandatorily exchangeable into common stock of one of its subsidiaries pending its successful initial public offering on the Hong Kong Stock Exchange.
"The completion of this financing, which we expect to occur in a matter of days, will enhance our current liquidity position and further our efforts toward reaching long-term financial stability," said Sheldon G. Adelson, the company's chairman and chief executive officer.
Las Vegas Sands President Michael Leven said this pre-IPO financing is another component of the company's current efforts to strengthen its financial position. He cited the recent completion of an amendment to its $3.3 billion Macau credit facility and the subsequent submission of an application by a subsidiary of the company to be listed on the Hong Kong Stock Exchange as the other recently completed components of the plan.
"The actions we have taken in recent weeks, together with the right-sizing of our cost structure and our on-going efforts to implement efficiencies across our operations, have clearly helped to strengthen our balance sheet," said Mr. Leven.
"We will continue working to solidify our financial position while at the same time staying true to our long-term business strategy. Our company remains uniquely positioned to develop large scale integrated resorts and to monetize the various non-core assets of those developments, such as retail malls and residential units, when economic and capital market conditions are appropriate," said Mr. Adelson. "This fundamental business strategy guides the planning and development of our current pipeline of projects and helps us evaluate future development opportunities as well. It also enables our company to delever more quickly than companies that rely largely on operations to do so, which is a key component in our ability to generate significant long-term value for our shareholders."
Additional information related to the sale of the exchangeable bonds can be found in the company's filing on Form 8-K with the Securities and Exchange Commission.
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