Company expects $53.3M charge from refinancing

Friday, May 10, 2002 | 11:06 a.m.

Las Vegas Sands Inc., parent company of The Venetian, said Wednesday it expects to take a one-time charge of $53.3 million in connection with a planned $1.33 billion refinancing package.

The Venetian announced earlier this week that it plans to sell $850 million in new mortgage bonds, and open a new $480 million credit facility. Proceeds from this offering will be used to buy back all of the Venetian's old debt, as well as pay for a $225 million, 1,000-room hotel tower expansion.

Since it will be buying back debt before its maturity, Las Vegas Sands will be paying a premium on some of its debt. Charges from these premiums will total $33.5 million, the company said in its quarterly report.

In addition, the company said it will absorb a charge of $19.8 million from the writeoff of offering costs from previous debt offerings that haven't been amortized yet, as well as "unamortized original issue discounts."

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