Sands China asks bank to relax credit terms to ease the COVID-19 sting
Sands China, the Asian arm of Sheldon Adelson-run Las Vegas Sands, reportedly had around $2.4 billion in liquid assets at the end of May, enough, by some estimates, to allow it to run for a full year without any incoming revenue. This, however, hasn’t stopped the company from continuing to seek different ways to not have to touch its own resources. It decided to issue some senior notes worth $1.5 billion in May to avoid tapping into the piggy bank and also, in March, had talked a lender, Bank of China Limited, into reworking some terms on a revolving line of credit worth $2 billion. It didn’t take long for Sands China to renegotiate the terms, and has now convinced the lender to offer it additional waiver extensions for those obligations.
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