Sands China amends terms on $2b credit facility

Sands China says its lenders have agreed to amendments to a US$2 billion revolving credit facility to avoid being declared in default if some conditions are not met during the crisis.

The company said lenders have agreed to waive the requirements for the company to ensure that its consolidated leverage ratio does not exceed 4 to 1 on the last day of any financial quarter. 

The lenders also agreed to waive a clause stating that the consolidated interest coverage ratio at the end of the quarter is greater than 2.5 to 1. The waiver is in place through to the quarter ending July 2021. 

The amendments also include a waiver on any default that may arise as a result of a breach of the aforesaid debt and interest covenants. The company has also secured a relaxation of the deadline to submit its financial reports for 2019 to April 2020 and for the 2020 year to April 2021.

Sands China entered into the credit facility with a group of lenders, with the Bank of China as the agent, in November 2018. It expires in July 2023. 

SHARE

Related Articles

Macau operators make CSR push amidst coronavirus crisis

As the Covid-19 crisis descended upon, first, China, then the world, the six Macau operators have not been idle in their CSR efforts, in spite of the mandated casino closures and reopenings under difficult economic conditions.

Coronavirus hits industry, but underlying demand seen strong

Looking at the Chinese New Year visitation figures for Macau, it’s difficult not to be pessimistic about the near-term outlook for gaming in Asia, though analysts say underlying demand remains strong and there is likely to be a snap back once the situation improves.

Macau’s CSR drive – with one eye on Beijing?

Macau’s operators have stepped up their corporate social responsibility (CSR) efforts in recent years, in particular when it comes to China cultural cooperation, which may help their case when it comes to concession renewal.
Londoner Atrium

The Londoner set to take the market pulse

Macau is set to face its biggest test of the mantra “if you build it, they will come,” as Sands China’s $2 billion “The Londoner” gets set to open its doors after the worst year in modern records for the world’s largest gambling hub. 

Packer spokesperson denies NYE meeting with Adelson

A spokesperson for James Packer has reportedly denied that the Australian billionaire met with Sands China Chairman Sheldon Adelson over the New Year holidays. The super yachts of the two casino executives were moored next to each other, triggering speculation. 

Sands China team builds 40,000 hygiene kits

Sands China volunteers and local community groups recently worked together at The Venetian to build 40,000 hygiene kits for Clean the World, an international social enterprise that provides hygiene supplies essential for good health to populations in need around the globe, helping prevent the spread of disease.

Sands Shopping Carnival wins Innovative Exhibition award

Sands China's Sands Shopping Carnival won the Innovative Exhibition Award in the Macao Convention and Exhibition Commendation Awards 2020.
The Londoner

Sands China to test market with The Londoner opening

Sands China is set to test the “if you build it they will come” adage in Macau, with the phased opening of The Londoner resort in the first quarter.

Sands China and LVS renew shared services agreement

Sands China and Las Vegas Sands have renewed their shared services agreement for a further three years until December 31, 2023. These agreements relate to joint international marketing, retail leasing, and management services.
Sands Parisian

Can staycations save Christmas?

As we near the end of a tourism-free year, the industry is gearing up for one last push to salvage annual revenue with a round of campaigns to capitalize on the upcoming holiday season. Reliance on locals and “staycation” marketing have been a theme of the year, with varying degrees of success around the region.