(Bloomberg) -- Marina Bay Sands Pte is marketing a loan of as much as S$12 billion ($8.9 billion) as it seeks to fund a planned expansion of its casino resort in Singapore.
The deal, when reaching the upper limit, will be the city state’s largest financing ever. DBS Group Holdings Ltd., Malayan Banking Bhd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. are coordinating the loan, according to people familiar with the matter who asked not to be identified discussing private information.
The financing is being syndicated to the broader market, and pays an interest income of around 120 basis points a year, the people said. The borrowing will be split into three tranches, including up to S$7.5 billion for a delayed-draw term financing, S$3.75 billion in term loans and S$750 million for a revolving credit facility, according to the people.
A spokesperson at Marina Bay Sands declined to comment.
Bloomberg News reported earlier that the loan will be used for refinancing and to fund the expansion of the company’s integrated resort, the cost of which has ballooned since the initial proposal.
Las Vegas Sands’ planned expansion of the Singapore casino resort is currently expected to cost $8 billion, versus an original estimate of about $3.4 billion made in 2019.
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