Seven Seas Cruises gets $300 million facility, $40 million revolver

By Angela McDaniels

Tacoma, Wash., Aug. 27 - Seven Seas Cruises S DE RL, its parent companies and one subsidiary entered into a $300 million credit facility due Dec. 21, 2018 and a $40 million revolving credit facility due Aug. 21, 2017, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate is Libor plus 475 basis points to 500 bps with a 1.25% Libor floor. The exact margin over Libor depends on the company's financial ratio. The company must also pay a commitment fee.

Deutsche Bank AG is the administrative and collateral agent.

Borrowings may be used for general purposes.

The new facilities closed Aug. 21. On that same day, Seven Seas Cruises terminated its $465 million credit agreement that consisted of a $425 million term loan and a $40 million revolver. The outstanding balance was $293.5 million.

The terminated credit agreement was scheduled to expire in 2014, and HSBC Bank plc was the administrative agent and collateral agent.

Seven Seas Cruises is a Miami-based cruise line.

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