Post by Blitz on Oct 24, 2024 7:04:00 GMT -5
Sands China agrees new facility and term loan with lenders to the tune of US$4.2 billion
by Newsdesk Thu 24 Oct 2024 at 04:36
www.asgam.com/index.php/2024/10/24/sands-china-agrees-new-facility-and-term-loan-worth-with-lenders-to-the-tune-of-us4-2-billion/
Sands China Ltd has entered into a new HK$19.5 billion (US$2.51 billion) facility agreement with its lenders that will replace its existing amended and restated facility dated 20 November 2018.
In a filing, Sands China said the new facility will be used for general corporate and working capital requirements and makes available revolving loans until 24 September 2029.
The facility also makes available a HK$12.95 billion (US$1.67 billion) unsecured term loan facility from which the company said it may make a drawdown at any time until 31 August 2025 for the purpose of repaying amounts outstanding under its unsecured 5.125% Senior Notes due August 2025.
Sands China said that loans under the 2024 credit facility will bear interest calculated by reference to the Hong Kong interbank offered rate, plus a margin determined by reference to the consolidated leverage ratio as defined therein. The initial margin for revolving loans drawn under the facility is 2.50% per annum while the margin for the term loan is 1.65% per annum.
Sands China is also required to pay a commitment fee of 0.60% per annum on the undrawn amounts under the Credit Facility and other customary fees, it explained.
The credit facility requires Sands China to maintain a maximum leverage ratio and a minimum interest coverage ratio and contains certain events of default including events relating to the gaming operations of Sands China and its subsidiaries and the loss or termination of certain land concession contracts.
The company explained that, with confirmation of the 2024 credit facility, the 2018 credit facility has been terminated.
by Newsdesk Thu 24 Oct 2024 at 04:36
www.asgam.com/index.php/2024/10/24/sands-china-agrees-new-facility-and-term-loan-worth-with-lenders-to-the-tune-of-us4-2-billion/
Sands China Ltd has entered into a new HK$19.5 billion (US$2.51 billion) facility agreement with its lenders that will replace its existing amended and restated facility dated 20 November 2018.
In a filing, Sands China said the new facility will be used for general corporate and working capital requirements and makes available revolving loans until 24 September 2029.
The facility also makes available a HK$12.95 billion (US$1.67 billion) unsecured term loan facility from which the company said it may make a drawdown at any time until 31 August 2025 for the purpose of repaying amounts outstanding under its unsecured 5.125% Senior Notes due August 2025.
Sands China said that loans under the 2024 credit facility will bear interest calculated by reference to the Hong Kong interbank offered rate, plus a margin determined by reference to the consolidated leverage ratio as defined therein. The initial margin for revolving loans drawn under the facility is 2.50% per annum while the margin for the term loan is 1.65% per annum.
Sands China is also required to pay a commitment fee of 0.60% per annum on the undrawn amounts under the Credit Facility and other customary fees, it explained.
The credit facility requires Sands China to maintain a maximum leverage ratio and a minimum interest coverage ratio and contains certain events of default including events relating to the gaming operations of Sands China and its subsidiaries and the loss or termination of certain land concession contracts.
The company explained that, with confirmation of the 2024 credit facility, the 2018 credit facility has been terminated.