Las Vegas Sands sets offering
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Las Vegas Sands Corp. has priced a public offering of 181.8 million common shares at $5.50 each in a move to raise $1 billion. It also is selling preferred stock and warrants to the family of Chief Executive Sheldon Adelson, as the troubled casino operator struggles to avoid defaulting on $5.2 billion worth of debt.
In addition, the Las Vegas company is selling nearly 5.2 million preferred shares and warrants to buy 86.6 million common shares at $6 each. A unit of one preferred share and one warrant to purchase about 16.7 common shares is priced at $100 each.
The company is selling the Adelsons 5.25 million preferred shares and warrants to buy 87.5 million common shares. The deal requires that the family convert its 6.5% senior notes due in 2013.
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