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Las Vegas Sands Closes VML Refinancing
- Client News
- March 31, 2014
Venetian Macau Limited, a subsidiary of Paul, Weiss client Las Vegas Sands Corp., closed an amended and restated credit agreement for the dollar equivalent of approximately $5.2 billion, consisting of the dollar equivalent of $2 billion of new revolving commitments, the dollar equivalent of approximately $2.4 billion of extended initial term loans and the dollar equivalent of approximately $0.8 billion non-extended initial term loans. On the closing date, a portion of the proceeds of the new revolving loans was used to repay in full the non-extended initial term loans. Up to and after the closing date, the proceeds of the new revolving loans may be used to fund certain casino resort developments and for working capital and other general corporate purposes, including to fund permitted investments and payments under the credit agreement. Bank of China Limited, Macau Branch, was administrative agent and collateral agent.
The Paul, Weiss team included corporate partner Eric Goodison and counsel Bruce Gruder; real estate partners Harris Freidus and Salvatore Gogliormella; and tax partner Richard Bronstein.