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Bond sales could deliver up to $600 million capital influx
Las Vegas Sands Corp. took another step toward strengthening its overall financial position with yesterday’s announcement that it had secured commitments for pre-initial public offering (IPO) financing. The sale of exchangeable bonds could generate up to $600 worth of capital. The bonds will be mandatorily exchangeable into common stock of one of the company’s subsidiaries pending its successful IPO on the Hong Kong Stock Exchange.
With the financing expected to be in place in a matter of days, Sheldon G. Adelson, Las Vegas Sands Corp.’s chairman and ceo, said in a statement the move would “enhance our current liquidity position and further our efforts toward reaching long-term financial stability.” It builds on the recent completion to the company’s $3.3 billion Macau and complements ongoing cost controls and operational efficiencies, according to Michael Leven, Las Vegas Sands’ president.
Going forward, the owner, developer and operator of large-scale integrated resorts will continue to grow its core product and monetize non-core assets of those developments, including retail malls and residential units “when economic and capital markets are appropriate,” Adelson said.
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