Sands China Ltd has entered into a new Facility Agreement that provides for a US$2 billion revolving unsecured credit facility to be available until 31 July 2023.
Under the terms of the agreement, Sands China may draw loans under the revolving facility from time to time, which may consist of general revolving loans consisting of a United States dollar component and a Hong Kong dollar component or loans drawn under a swing-line loan sub-facility, denominated in either US dollars or Hong Kong dollars.
The loans would be used for general corporate purposes and working capital requirements.
The initial margin for general revolving loans is 2.0% per annum, Sands China said in a filing, while the initial margin for loans drawn under the swing-line loan sub-facility is 1.0% per annum. The company is also required to pay a commitment fee of 0.60% per annum on the undrawn amounts under the revolving facility.
Sands China recently revealed that it was increasing its investment into Sands Cotai Central’s looming transformation to Londoner Macao from US$1.2 billion to US$2.2 billion, with work set to commence immediately after Chinese New Year 2019.
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