Las Vegas Sands Announces Commencement Of Secondary Public Offering Of $2 Bln Of Its Shares

(RTTNews) - Las Vegas Sands Corp. (LVS) announced the commencement of a proposed secondary public offering of $2 billion of shares of its common stock by Miriam Adelson and The Miriam Adelson Trust.

The company said it will not receive any proceeds from the sale of the shares by the Selling Stockholders.

In connection with the offering, the selling stockholders and certain related trusts are expected to enter into lock-up agreements for a period of 365 days from the pricing date of the Offering, during which time they will be restricted from engaging in certain transactions with respect to shares of the company's common stock.

In addition, the company plans to repurchase up to $250 million of the shares of common stock being offered in the Offering at the same per share price to be paid by the underwriters to the Selling Stockholders in the Offering. The completion of the share repurchase is expected to close concurrently with, the closing of the Offering.