The completion of this financing, which we expect to occur in a matter of days, will enhance our current liquidity position and further our efforts toward reaching long-term financial stability," said Sheldon G. Adelson, the company's chairman and CEO.
Las Vegas Sands President Michael Leven said this pre-IPO financing is another component of the company's current efforts to strengthen its financial position. He cited the recent completion of an amendment to its us$ 3.3 billion Macau credit facility and the subsequent submission of an application by a subsidiary of the company to be listed on the Hong Kong Stock Exchange as the other recently completed components of the plan.
"The actions we have taken in recent weeks, together with the right-sizing of our cost structure and our on-going efforts to implement efficiencies across our operations, have clearly helped to strengthen our balance sheet," said Leven.
"We will continue working to solidify our financial position while at the same time staying true to our long-term business strategy. Our company remains uniquely positioned to develop large scale integrated resorts and to monetize the various non-core assets of those developments, such as retail malls and residential units, when economic and capital market conditions are appropriate," said Adelson.
"This fundamental business strategy guides the planning and development of our current pipeline of projects and helps us evaluate future development opportunities as well. It also enables our company to delever more quickly than companies that rely largely on operations to do so, which is a key component in our ability to generate significant long-term value for our shareholders."
Additional information related to the sale of the exchangeable bonds can be found in the company's filing on Form 8-K with the Securities and Exchange Commission.
About Las Vegas Sands Corp.