01—Abstract
Summary
Summary of the 8-K filed May 8, 2024. Cited figures are marked; the original filing is the authoritative source.
On May 7, 2024, Las Vegas Sands Corp. entered into an underwriting agreement with Barclays Capital Inc., BofA Securities, Inc. and Goldman Sachs & Co. LLC, as representatives of the underwriters named therein, to issue and sell three series of senior notes.
The offering comprises $750,000,000a of 5.900% Senior Notes due 2027 priced at 99.870% of principal, $500,000,000 of 6.000% Senior Notes due 2029 priced at 99.853% of principal, and $500,000,000 of 6.200% Senior Notes due 2034 priced at 99.869% of principal. The offering is expected to close on or about May 16, 2024, subject to customary closing conditions. The underwriting agreement contains customary representations, warranties, covenants, closing conditions, and mutual indemnification and contribution provisions.
The filing also discloses that certain underwriters and their affiliates have performed, and may in the future perform, financial advisory and investment banking services for the company for customary fees, and that some are lenders or agents under the company's credit facilities. The filing is brief and reports the terms of the note offering only; it does not describe the use of proceeds in the text provided. The full underwriting agreement is filed as Exhibit 1.1, with certain exhibits and schedules omitted under Item 601(a)(5) of Regulation S-K.
02—Key points
Key Highlights
- Total principal amount of new senior notes offered: $1.75 billion across three tranches
- $750 million 5.900% Senior Notes due 2027, priced at 99.870% of principal
- $500 million 6.000% Senior Notes due 2029, priced at 99.853% of principal
- $500 million 6.200% Senior Notes due 2034, priced at 99.869% of principal
- Underwriting agreement dated May 7, 2024 with Barclays Capital Inc., BofA Securities, Inc. and Goldman Sachs & Co. LLC as representatives
- Closing expected on or about May 16, 2024, subject to customary conditions
- Underwriters and affiliates are also lenders or agents under the company's credit facilities
03—Questions
Frequently Asked Questions
What securities is Las Vegas Sands issuing?
The company agreed to issue and sell three series of senior notes: $750 million of 5.900% notes due 2027, $500 million of 6.000% notes due 2029, and $500 million of 6.200% notes due 2034.
At what price are the notes being sold to the public?
The 2027 Notes are priced at 99.870% of principal amount, the 2029 Notes at 99.853%, and the 2034 Notes at 99.869%.
When is the offering expected to close?
The offering is expected to close on or about May 16, 2024, subject to satisfaction of customary closing conditions.
Who are the underwriters for this offering?
The underwriting agreement is with Barclays Capital Inc., BofA Securities, Inc. and Goldman Sachs & Co. LLC, acting as representatives of the several underwriters named in the agreement.
Do the underwriters have other relationships with the company?
Yes. Certain underwriters and their affiliates have performed, and may in the future perform, financial advisory and investment banking services for the company for customary fees, and some are lenders, or agents for lenders, under the company's credit facilities.
04—Continue