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Sheldon Adelson sinking $475m into Sands
Sheldon Adelson sinking $475m into SandsAdelson has injected $475 million in the casino operator so it could pay down debt and maintain leverage ratios
Published 10.2.08, 11:26AM
American Jewish billionaire Sheldon Adelson, owner of the Yisrael Hayom newspaper and majority owner of Las Vegas Sands Corp., has injected $475 million in the casino operator so it could pay down debt and maintain leverage ratios. Sands' stock has lost 75% since last October.
Adelson, also the company's chairman, carried out the investment through a private placement of convertible senior notes maturing October 1, 2013. His investment saves the company from violating covenants governing nearly $5 billion in debt, according to the Wall Street Journal. Violation could have impaired Adelson's future ability to borrow.
The fact that Adelson felt the need to personally infuse money shows how scarce financing has become, and he says so himself. "Had the availability of money been more plentiful, we would have gone out and borrowed," Adelson said. "This way, I am minimizing the dilution to shareholders."
