Las Vegas Sands (LVS) Announces Plans to Redeem $190M in Outstanding 6.375% Senior Notes
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Las Vegas Sands Corp. (NYSE: LVS) announced today that it has elected to redeem all of its outstanding 6.375% Senior Notes due February 2015 (the "Senior Notes").
The Senior Notes, which have an outstanding principal balance of $189.7 million, will be redeemed on March 28, 2012 at 101.063% of the principal amount plus accrued interest. Following the redemption of the Notes, the company expects to realize annual interest savings of approximately $12 million.
Sheldon G. Adelson, chairman and chief executive officer, stated, "We are pleased to announce the redemption of our Senior Notes approximately three years before their maturity date. Our strong cash flows, liquidity and financial position have enabled us to eliminate the most expensive remaining debt obligation on the balance sheet of the company. We will consistently seek additional opportunities to optimize our capital structure and enhance returns to shareholders in the future."
The Senior Notes, which have an outstanding principal balance of $189.7 million, will be redeemed on March 28, 2012 at 101.063% of the principal amount plus accrued interest. Following the redemption of the Notes, the company expects to realize annual interest savings of approximately $12 million.
Sheldon G. Adelson, chairman and chief executive officer, stated, "We are pleased to announce the redemption of our Senior Notes approximately three years before their maturity date. Our strong cash flows, liquidity and financial position have enabled us to eliminate the most expensive remaining debt obligation on the balance sheet of the company. We will consistently seek additional opportunities to optimize our capital structure and enhance returns to shareholders in the future."
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