Las Vegas Sands Corp.’s (LVS) Singapore unit, Marina Bay Sands Pte, added Malayan Banking Bhd. (MAY) as the fourth global coordinator for a S$4.6 billion ($3.6 billion) loan to refinance debt, according to a person familiar with the matter.
Maybank joins DBS Bank Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. (UOB), the person said, asking not to be identified because the details are private.
Singapore has authorized just two casinos, which Las Vegas Sands and Malaysia’s Genting Bhd. opened in the first half of 2010. The U.S. casino company controlled by billionaire Sheldon Adelson declared its first dividend earlier this year as it reported a 17 percent rise in fourth-quarter profit on growth in Singapore and China.
Las Vegas Sands’ vice president of corporate finance, Stephen Cootey, didn’t return a call made outside normal business hours in Las Vegas seeking comment. A call to the Kuala Lumpur office of Maybank head of corporate affairs, Eliza Mohamed, wasn’t answered after normal business hours.
Las Vegas Sands is offering to pay a margin of 185 basis points more than the Singapore dollar swap offered rate, however the facility’s final fees have yet to be determined, the person said today.
The loan may be split into a S$4.1 billion term facility and a S$500 million revolving credit facility, another person familiar with the matter said last week.
To contact the editor responsible for this story: Katrina Nicholas at firstname.lastname@example.org