LAS VEGAS— Venetian Casino Resort LLC and Las Vegas Sands reported they priced their Rule 144A offering of $850 million in aggregate principal amount of mortgage notes. The notes will bear interest at 11% and mature June 15, 2010. In connection with their mortgage notes, Venetian and its subsidiaries also said they intend to enter into a new senior secured credit facility in an aggregate amount of approximately $375 million and a new secured mall loan facility in an aggregate principal amount of $105 million. Venetian further intends to use the proceeds from the proposed mortgage notes offering and borrowings under the new loan facilities to repurchase all outstanding indebtedness of Venetian and its subsidiaries; to finance construction and development of the phase IA addition; and to pay all fees and expenses associated with these transactions. Phase IA, Venetian noted, would include a 1,000-room addition to the casino-resort, plus additional meeting and conference space and an expansion of the parking garage. The proposed mortgage notes offerings and other refinancing transactions are expected to close on or before June 4, 2002.
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