Venetian Casino starts roadshow Thursday for $850 million second mortgage notes

By Paul A. Harris and Sara Rosenberg

St. Louis, Mo., May 6 - Venetian Casino Resorts, LLC and Las Vegas Sands, Inc. will hit the road Thursday to market a jointly issued offering of $850 million second mortgage notes due 2010 (expected ratings Caa1/B-), according to a syndicate source who added that the deal is expected to price on May 22.

In addition to the notes, Venetian expects to obtain a new $480 million senior secured credit facility. The loan is expected to close during the second quarter of 2002, a company press release said. Further details on the structure of the new facility were not immediately available.

For the mortgage note offering, Goldman Sachs & Co. is sole bookrunner in a syndicate that will also include Scotia Capital, the syndicate source said.

The Rule 144A notes will be non-callable for four years.

Proceeds will be used to fund a tender offer for its 12¼% mortgage notes due 2004 and its 14¼% senior subordinated notes due 2005. Proceeds will also be used to repay bank debt and to finance construction of the Phase 1A 1,000-room addition as well as 150,000 square feet of additional meeting space.

The company is a gaming, lodging and retail business headquartered in Las Vegas.

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