NEW YORK - Las Vegas Sands Corp, the world's largest casino firm, has secured commitments to raise up to $600 million through the sale of exchangeable bonds, the company said on Wednesday.
The bonds will be mandatorily exchangeable into common shares of a Las Vegas Sands subsidiary pending the unit's successful initial public offering on the Hong Kong Stock Exchange.
In a statement, Chairman and Chief Executive Officer Sheldon Adelson said the company expected the financing to be completed within a matter of days.
The sale is part and parcel of Las Vegas Sands' efforts to boost its financial strength, the company said. It recently amended its $3.3 billion Macau credit facility and plans to take one of its subsidiaries public.
Our company remains uniquely positioned to develop large-scale integrated resorts and to monetize the various non-core assets of those developments, such as retail malls and residential units, when economic and capital market conditions are appropriate, Adelson said. (Reporting by Deepa Seetharaman; editing by John Wallace)