Daily News: March 30, 2017

Scotiabank Agents $2.18B Las Vegas Sands Refi


Las Vegas Sands entered into a fourth amendment to its December 19, 2013 credit agreement with The Bank of Nova Scotia as administrative agent and collateral agent.

Pursuant to the amendment, term loan lenders will provide refinancing term loans by way of continuing or replacing existing term loans in an aggregate amount of just over $2.18 billion for the purpose of effecting a repricing and extending the maturity date of the term loans under the existing credit agreement.

The term loans bear interest at an adjusted Eurodollar rate plus an “applicable margin” credit spread or at an alternative base rate plus an “applicable margin” credit spread.

Among other amendments, the amendment agreement lowers the applicable margin credit spread for adjusted Eurodollar rate term loans from 2.25% to 2.00% per annum and lowers the applicable margin credit spread for alternative base rate term loans from 1.25% to 1.00% per annum; removes the requirement to prepay outstanding revolving loans and/or permanently reduce revolving commitments in certain circumstances; and extends the maturity date of the term loans from December 19, 2020 to March 29, 2024.