Marina Bay Sands (MBS) is seeking a loan of around $12 billion, in what would be the largest financing from Singapore, as the company looks to fund the planned expansion of its casino resort in the Republic. 

DBS Bank, Malayan Banking, OCBC Bank and UOB are coordinating the loan, according to people familiar with the matter who asked not to be identified discussing private information.

The facility, which carries a tenor of seven years, will be syndicated to other financiers, the sources said, adding that the terms have not been finalised and may change as negotiations continue.

The loan will be used to refinance an existing $4 billion seven-year borrowing from August 2019, the sources said.

The proceeds will also help fund the proposed expansion of the company’s MBS integrated resort, the cost of which has more than doubled since it was first proposed, the sources said. 

A representative at MBS said the company does not have “any further information to provide at this time” when asked about the deal, while parent Las Vegas Sands declined to comment.

Las Vegas Sands’ planned expansion of the Singapore casino resort is currently expected to cost US$8 billion (S$10.7 billion), versus an original estimate of about US$3.4 billion made in 2019.

The expansion of the MBS resort, which includes the construction of a new fourth tower, is expected to be completed by early 2031, subject to government approval, the company said in an earnings report in October.

The additions will also include a 15,000-seat arena designed to be a live entertainment venue and a conference space.

Loan Pricing Corp had previously reported MBS’ plans to raise the loan of up to $12 billion. 

The previous syndicated loan record in Singapore was a $9.3 billion facility signed in 2012, which financed the acquisition of food and beverage maker Fraser & Neave by Thai billionaire Charoen Sirivadhanabhakdi’s TCC Assets.