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| VENETIAN SUCCESSFULLY REFINANCES BANK LOAN |
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6/13/2000 June 13, 2000 Las Vegas, Nevada (June 13, 2000) -- Las Vegas Sands, Inc. and Venetian Casino Resort, LLC have successfully refinanced part of their bank loan, which was fully underwritten by Goldman Sachs Credit Partners L.P. and The Bank of Nova Scotia.
By establishing a $50 million Term Loan B through this refinancing, The Venetian will be able to apply $30 million in prepayments of Term Loan A amortization in forward order of maturity and a $20 million prepayment of Revolver outstandings, thereby providing The Venetian with greater financial flexibility. Other key terms include eliminating the excess cash flow sweep for fiscal year 2000 and amending financial covenants.
The new Term Loan B provides for quarterly installments of 0.25% from September 30, 2000 through December 31, 2003. The balance will be paid in equal installments on March 31, 2004 and June 30, 2004. The interest rate on the new Term Loan B is LIBOR +350 basis points.
Las Vegas Sands, Inc. is a privately-held company whose holdings include The Venetian Casino Resort, LLC, a Nevada limited liability company, and Grand Canal Shops Mall, LLC, a Delaware limited liability company. |
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| Smartest President |
A plane is about to crash over the Andies. There are five passengers on board but only 4 parachutes!
The 1st passenger says, "I am Ronaldo, the best footballer in the world and the football world needs me. I cannot die on my fans." He grabs the 1st parachute and jumps.
The 2nd passenger, Hilary Clinton, says, "I am the wife of the former President of the US. I am the Senator of New York and I have a good chance of becoming the President of America in the future." She grabs the 2nd parachute and jumps.
The 3rd Passenger, George Bush, says, "I have huge responsibilities in the world. Besides, I am the smartest President in the history of my country, and I cannot shun the responsibility to my people by dying." He grabs a pack and jumps.
The 4th passenger, the Pope turns to the 5th passenger, a young school boy, "I am old and I have lived a good life so I shall leave the last parachute to you because you have the rest of your life ahead of you."
To this the little boy said, "Do not fret old man… there is a paracute for each of us. The smartest President of America took my schoolbag…"
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