Las Vegas Sands Corp is seeking $1.75 billion to $2 billion five-year financing for its subsidiary, Venetian Macau, almost one year after cancelling a $5.25 billion financing and mothballing its Macau projects, banking sources said.

Funds from the new-money deal will be used to complete Lot 5 and Lot 6 of the Venetian Macau development, sources familiar with the matter said.

The new financing follows news of Las Vegas Sands' plans to launch a $1.5 billion-$2 billion initial public offering (IPO) in Hong Kong in November, and some bankers suggested that plans for a committed financing to complete the mega development could be a boost ahead of that fundraising.

This could be the good news story to go with the IPO -- a committed bank financing to finish the projects would remove the question mark over their completion, said a banker actively looking at the new deal. Banks said to be looking at the deal include Bank of China Macau, Bank National Ultramarino, Barclays Capital, Calyon, Citigroup, DBS Bank, Goldman Sachs, Mizuho Corporate Bank and UOB. Goldman is said to be the coordinator.

The $1.75 billion to $2 billion deal is said to be split between a revolving credit and a term loan, both with five-year tenors, according to sources who said they had seen the information package.

Las Vegas Sands is said to be requesting a margin of around 400 basis points over Libor for the project financing deal, and to be looking for commitments of $200 million-$300 million from individual banks.

Bankers looking at the deal said they would expect pricing over 500 basis points all-in. Las Vegas Sands increased the margin on its existing $2.5 billion debt package to 550 basis points over Libor in early August.

(Editing by Chris Lewis)