Resort company Las Vegas Sands increased its term loan by $1.35 billion.
According to a related 8-K filing, the Bank of Nova Scotia acted as administrative agent and collateral agent on the transaction.
Sands’ board of directors also authorized an increase in the size of the company’s share repurchase program – from $1.56 billion to $2.5 billion – while also extending the expiration date. The company intends to use the proceeds to support its share repurchase program and for general corporate purposes.
“Our company has the financial strength to continue enhancing our industry-leading efforts to return capital to our shareholders. At the same time, we are able to maintain the flexibility needed to heavily reinvest in our current portfolio of properties and also pursue and ultimately develop new multi-billion dollar Integrated Resorts in key markets around the world. This is another example of our company continuing to execute on our core strategic initiatives,” said Sands Chairman and CEO Sheldon G. Adelson.