(Bloomberg) -- Marina Bay Sands is seeking a loan of around S$12 billion ($9 billion), in what would be the largest financing from Singapore, as the company looks to fund the planned expansion of its casino resort in the city state.
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 facility, which carries a tenor of seven years, will be syndicated to other financiers, the people said, adding that the terms haven’t been finalized and may change as negotiations continue.
The loan will be used to refinance an existing S$4 billion seven-year borrowing from August 2019, the people said. The proceeds will also help fund the proposed expansion of the company’s Marina Bay Sands integrated resort, the cost of which has more than doubled since it was first proposed, the people said.
A representative at Marina Bay Sands said the company doesn’t have “any further information to provide at this time” when asked about the deal, while parent Las Vegas Sands Corp. declined to comment.
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.
The expansion of the Marina Bay Sands resort, which includes the construction of a new fourth tower, is expected to be completed by early 2031, subject to government approval, the company said in an earnings report in October. The additions will also include a 15,000-seat arena designed to be a live entertainment venue and a conference space.
Loan Pricing Corp. had previously reported Marina Bay Sands’ plans to raise the loan of up to S$12 billion.
The previous syndicated loan record in Singapore was a S$9.3 billion facility signed in 2012, which financed the acquisition of food and beverage maker Fraser & Neave Ltd. by Thai billionaire Charoen Sirivadhanabhakdi’s TCC Assets Ltd.
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