Las Vegas Sands (LVS) Talking To Lenders On Retiring Term Loans; Exec VP Resigns

March 24, 2009 5:54 PM EDT

Las Vegas Sands' (NYSE: LVS) Executive Vice President and President of Global Operations and Construction ,Bradley H. Stone, notified LVS that he was resigning from the company.

Las Vegas Sands is in discussions with the lenders under the Credit and Guaranty Agreement.

• The proposed amendment would permit Las Vegas Sands to acquire term loans outstanding under the Credit Agreement, which term loans so acquired by the Company would be immediately cancelled and retired.
  
• Any purchases of term loans outstanding under the Credit Agreement by Las Vegas Sands would be conducted via a modified Dutch auction with a minimum repurchase offer of $25.0 million in aggregate stated principal amount per auction.
  
• If the proposed amendment is approved, LVS would be limited to acquiring no more than $800.0 million in aggregate stated principal amount of term loans currently outstanding through September 30, 2010.
  
• There can be no assurances that the requisite lenders will approve the proposed amendment or that any repurchase offer transactions will be consummated. Las Vegas Sands has no present intention to repurchase term loans.

Las Vegas Sands CEO talked to Bloomberg and said no plans are currently in place to buy back debt, but it's an option that may give LVS wiggle-room.

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