Las Vegas Sands has priced a public offering of 181.8 million common shares at $5.50 each in a move to raise $1 billion. It also is selling preferred stock and warrants to the family of Chairman and Chief Executive Sheldon Adelson, as the troubled casino operator struggles to avoid defaulting on $5.2 billion worth of debt.
In addition, the Las Vegas-based company is selling nearly 5.2 million preferred shares and warrants to buy 86.6 million common shares at $6 each. A unit of one preferred share and one warrant to purchase about 16.7 common shares is priced at $100 each.
Las Vegas Sands Corp. (nyse: LVS - news - people ) is selling the Adelsons 5.25 million preferred shares and warrants to buy 87.5 million common shares. The deal requires that the family convert its 6.5 percent senior notes due 2013 into common shares.
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