LAS VEGAS (AP) -- Las Vegas Sands Corp. said Monday that it plans to redeem nearly $2 million worth of outstanding senior notes to lower its debt.
The casino operator said that it will redeem all of its outstanding senior notes due February 2015. The notes have an outstanding principal balance of $189.7 million and will be redeemed March 28 at 101.063 percent of the principal amount, plus interest.
Las Vegas Sands expects annual interest savings of roughly $12 million once it redeems the notes. The company said that the move will eliminate the most expensive remaining debt obligation on its balance sheet.
The company operates the The Venetian and The Palazzo casinos in Las Vegas and Marina Bay Sands in Singapore. It also operates properties in Macao.
The company reported earlier this month that its fourth-quarter net income rose 17 percent, due mainly to more gamblers in its overseas resorts.