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Sands Seeks to Reduce Loans' Interest Margins2 February 2005LAS VEGAS -- As reported by Bloomberg: "Goldman Sachs Group Inc. and Scotia Capital are being asked to cut the interest margin on more than $1 billion in bank loans for casino-owner Las Vegas Sands Corp., according to a regulatory filing. "Las Vegas Sands, which raised $690 million by selling its own shares in December, is seeking to reduce the interest margin on the loans from 2.5 percentage points, the company said without specifying a target rate. A meeting to sell the loans will be held tomorrow at 2 p.m., said a person familiar with the situation who declined to be identified. "The casino operator also plans to sell $250 million in 10-year notes, the filing said. The company will use some of the money from the loans and the debt sale to repay mortgage-backed notes due in 2010 with an interest rate of 11 percent. "...Las Vegas Sands is seeking $675 million more than its existing credit from Goldman Sachs and Bank of Nova Scotia..." |