Sands China Ltd has reached an agreement with its lenders to extend waivers on a US$3 billion credit facility.
The waivers are related to a credit facility established in 2018 by Sands China’s lenders. It provided an initial US$2 billion facility available until July 31, 2023. The facility included two financial covenants. One of which is a requirement for the company to ensure that the Consolidated Leverage Ratio as of the last day of any fiscal quarter does not exceed 4.00 to 1.00. And the other is that the Consolidated Interest Coverage Ratio stays greater than 2.50 to 1.00.
Sands China said that it has agreed to extend the waiver for another 12 months, until January 1, 2023.