Las Vegas Sands raises US$2.5 bln from HK IPO: report

Nov. 23, 2009 (China Knowledge) - Sands China Ltd, the Macau unit of U.S. casino operator Las Vegas Sands Corp, raised US$2.5 billion through an initial public offering in Hong Kong, sources reported.

The casino operator sold 1.87 billion shares at HK$10.38, the lower end of the indicative price range of HK$10.38 to HK$13.8, according to the sources.

The firm, which is set to list on the bourse on Nov. 30, plans to use the proceeds to repay its debt and restart a casino-resort project on the Chinese enclave.

Citigroup Inc and Goldman Sachs Group Inc are joint coordinators of the IPO, while UBS AG, Barclays PLC and BNP Paribas are joint book-runners.

Sands China plans to restart the work at the hotel and casino complex on Macau's Cotai Strip in January. The firm has received US$1.45 billion financing commitment from a group of commercial banks and financial institutions, and was seeking to secure US$300 million in bank loans to fund the project, which are expected to cost US$2 billion, according to an earlier report from China Knowledge.