from this afternoon's GlobeSt:
Last updated: October 2, 2008 03:02pm
Adelson Loans $475M to Las Vegas Sands
By Brian K. Miller
"LAS VEGAS-Las Vegas Sands Corp. received a $475-million loan from its chairman Sheldon Adelson this week that helped the company meet liquidity requirements, according to a Wednesday filing with the SEC. The investment was made the same day the company said its US senior secured credit facility and furniture, fixtures and equipment credit facility required it to comply with certain financial covenants, including one to maintain a maximum leverage ratio of net debt to trailing twelve-month EBITDA (net cash flow).
Analysts applauded the move but it did not appear to help the company’s share price, which ended Wednesday at $31.32, down 13.27% on the day, and was off by another 13% in afternoon trading on Thursday, taking its share price to $27.23. Part of the concern is believed to be the company’s ongoing need to refinance a multi-billion dollar loan that is coming due and find billions more to complete multiple projects in Macau." ...
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