LAS VEGAS, NV – Las Vegas Sands Corp. announced today that Sheldon G. Adelson, its chairman, chief executive officer and principal stockholder, and his family, have completed an investment in the company of $475 million in convertible senior notes in a private transaction.
“My family and I are pleased to make an additional investment in Las Vegas Sands Corp. as the company advances its development plans both domestically and around the globe,” said Mr. Adelson. “While the credit markets are experiencing turbulence, our strategy remains alive and well and our business continues to march forward. Little of our fundamental business strategy has changed, and this investment will strengthen our capitalization and liquidity position as we continue to execute our plans.”
The convertible senior notes mature on October 1, 2013, pay cash interest at 6.5% and are convertible into common stock at a price of $49.65.
The convertible senior notes will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent such registration or an exemption from the registration requirements of such Act.
Las Vegas Sands is the parent company of the Palazzo and Venetian. The Palazzo and Venetian complex represents the world’s largest integrated destination resort, with 7,128 hotel rooms and 2.3 million square feet of meeting, convention and exhibition space.