Sands gets first tranche of loan

Las Vegas Sands announced yesterday it has received the first US$750 million (MOP6 billion) tranche of a credit agreement closed earlier this year. On May 17, 2010, Las Vegas Sands Corp. (LVS) announced that Venetian Orient Limited (VOL), an indirect subsidiary of LVS and the owner and developer of the integrated resort project located on Parcels 5 & 6 on Cotai, entered into a credit agreement providing for up to US$1.75 billion (MOP14 billion) of term loan and revolving facilities with a banking syndicate. On July 13, 2010, all conditions to funding of the first US$750 million term loan were met and on July 16, 2010, VOL borrowed the full amount.