Las Vegas Sands discussing debt buyback as option

Mar 25, 2009 12:51 AM
Staff & Wire Reports |

Casino operator Las Vegas Sands Corp. says it is talking with its banks about a credit amendment that would let it buy back up to $800 million in debt. But its chief executive says the company only wants to have the option, and doesn't intend to repurchase debt anytime soon.

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Billionaire CEO Sheldon Adelson told The Associated Press on Tuesday that the Las Vegas-based company considers the option another tool to solve potential covenant breaches, but that it isn't necessary right now.

The company disclosed the discussions in a regulatory filing. The amendment would let Sands acquire debt outstanding through 2010.

Sands says it had $10.5 billion in long-term debt as of Dec. 31.

Shares of Sands rose 40 cents on Tuesday to close at $3.05, up 15 percent.