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LV Sands seeks to raise $400 million

MACAU -- As reported by Bloomberg: "Las Vegas Sands Corp. is seeking $400 million in short-term funding to ease a cash crunch and possibly restart resort construction in Macau, the South China Morning Post reported.

"The company plans to sell convertible bonds with a coupon as high as 16 percent to hedge funds and pension fund managers, the Hong Kong-based English-language newspaper said today, citing people who have seen documents prepared by Sands' investment bank, Goldman Sachs Group Inc.

"The sale is linked to plans to raise $2.5 billion in a Hong Kong initial public offering of the Las Vegas-based company's Macau unit next year, the Post said. Investors can choose to swap the bonds for those shares or continue to receive interest payments, it said.

"Las Vegas Sands' spokesman Ron Reese declined to comment on the report, referring inquiries to comments Chief Operating Officer Sheldon Adelson made during an earnings conference call yesterday. Goldman Sachs spokesman Edward Naylor had no comment when contacted by phone.

"The company posted a $175.9 million second-quarter loss on July 30, including a charge to reflect lower-than-projected proceeds from the sale of its Shoppes at the Palazzo, which opened last year amid a slump in travel to Las Vegas..."

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