Las Vegas Sands Has Funded Its Hong Kong IPO

Las Vegas Sands has closed and funded its previously announced $600 million pre-IPO financing transaction. The company said it has the flexibility to utilize the net proceeds from the issuance of the bonds for general corporate purposes.

Marina Bay Sands. Singapore. September 2009

The bonds will be mandatory exchangeable into common stock of one of its subsidiaries pending its successful initial public offering on the Hong Kong Stock Exchange.

“Earlier this year, the company developed a series of strategic initiatives designed to enhance our liquidity and strengthen our balance sheet. The closing of this financing, in combination with the other measures we have completed to date, demonstrates that we are successfully executing that plan,” said Las Vegas Sands Corp. Chairman and Chief Executive Officer Sheldon G. Adelson.

“The continued execution of our strategic plan and the important opening of our Marina Bay Sands property in Singapore will remain our top priorities in the months to come. The success of these efforts will further enhance our financial strength, position us extremely well for future growth, and enable us to create long-term value for our shareholders.”

The pre-IPO financing transaction closed in accordance with the terms and conditions described in the Form 8-K the company filed today with the U.S. Securities and Exchange Commission.

Originally posted 2009-10-19 03:03:16. Republished by Blog Post Promoter

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