ITEM 1.01. Entry into a Material Definitive Agreement.
On November 30, 2022, Sands China Ltd., an exempted company incorporated in the
Cayman Islands with limited liability ("Sands China"), an indirect subsidiary of
Las Vegas Sands Corp., a Nevada corporation (the "Company"), entered into a
waiver extension and amendment request letter (the "Fourth Waiver Extension
Letter") with respect to certain provisions of the facility agreement, dated as
of November 20, 2018 (as amended, restated, amended and restated, supplemented
and otherwise modified, including by waiver and amendment request letters, dated
as of March 27, 2020 (the "First Waiver Letter"), September 11, 2020 (the
"Second Waiver Extension Letter") and July 7, 2021 (the "Third Waiver Extension
Letter"), the "Facility Agreement"), by and among Sands China, as borrower, Bank
of China Limited, Macau Branch, as agent (the "Agent"), and the arrangers and
lenders from time to time party thereto.
In the Fourth Waiver Extension Letter, the Agent and the lenders party to the
Facility Agreement have (a) extended to (and including) July 31, 2023, the
termination date of the Facility Agreement, the waiver period for the
requirement for Sands China to comply with Clause 20.2 of the Facility
Agreement, which requires Sands China to ensure (i) the Consolidated Leverage
Ratio (as defined in the Facility Agreement) as at the last day of any financial
quarter does not exceed 4.00 to 1.00 and (ii) the Consolidated Interest Coverage
Ratio (as defined in the Facility Agreement) as at the last day of any financial
quarter is greater than 2.50 to 1.00; (b) extended to (and including) July 31,
2023, the period during which Sands China's ability to declare or make any
dividend payment or similar distribution is restricted if at such time (x) the
Total Commitments (as defined in the Facility Agreement) exceed $2,000,000,000
by Sands China's exercise of the option to increase the Total Commitments by an
aggregate amount of up to $1,000,000,000; and (y) the Consolidated Leverage
Ratio (as defined in the Facility Agreement) is greater than 4.00 to 1.00,
unless, after giving effect to such payment, the sum of (i) the aggregate amount
of cash and cash equivalents of Sands China on such date; and (ii) the aggregate
amount of the undrawn facility under the Facility Agreement and unused
commitments under other credit facilities of Sands China is greater than
$2,000,000,000; and (c) incorporated provisions to address the transition of the
London Inter-bank Offered Rate (LIBOR) to a term Secured Overnight Financing
Rate (SOFR) reference rate.
Pursuant to the Fourth Waiver Extension Letter, Sands China agreed to pay a
customary fee to the lenders that consented to the waivers and amendments
requested therein.
Some of the lenders, agents and arrangers under the Facility Agreement and their
respective affiliates have provided, and may provide in the future, investment
banking, commercial banking and other financial services for the Company and its
subsidiaries in the ordinary course of business, for which they have received
and would be expected to receive customary compensation.
The foregoing summary of the Fourth Waiver Extension Letter is not complete and
is qualified in its entirety by reference to the full and complete text of the
Fourth Waiver Extension Letter. A copy of the First Waiver Letter was filed as
Exhibit 10.1 to the Current Report on Form 8-K filed on March 27, 2020, a copy
of the Second Waiver Extension Letter was filed as Exhibit 10.1 to the Current
Report on Form 8-K filed on September 11, 2020, a copy of the Third Waiver
Extension Letter was filed as Exhibit 10.1 to the Current Report on Form 8-K
filed on July 7, 2021, and a copy of the Fourth Waiver Extension Letter is filed
as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by
reference.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits
10.1† Waiver Extension and Amendment Request Letter, dated November 30 , 2022,
with respect to the Facility Agreement, dated as of November 20, 2018, by and
among Sands China, as borrower, Bank of China Limited, Macau Branch, as agent, and
the arrangers and lenders party thereto
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within
the Inline XBRL document
†Certain identified information has been excluded from the exhibit because such
information both (i) is not material and (ii) is the type that the Company
treats as private or confidential
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses