Venetian Macao launches $1 billion term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, June 2 - Venetian Macao Ltd. launched its $1 billion seven-year term loan B on Thursday afternoon with price talk of Libor plus 275 basis points with a 0.75% Libor floor and an original issue discount of 991/2, according to a market source.

Citigroup Global Markets Inc. is the left lead bank on the deal that includes multiple bookrunners.

In addition, the company is working on getting a $500 million revolver and a $3 billion term loan A that are talked at Libor plus 225 bps.

Goldman Sachs & Co. is the left lead bank on the revolver and A loan.

Proceeds will be used to refinance existing debt.

Venetian Macao is a luxury hotel and casino resort in Macau owned by the Las Vegas Sands Corp.

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