Oceania plans new credit facility via Lehman, UBS to back buyout by Apollo

By Sara Rosenberg

New York, Feb. 27 -Oceania Cruises, Inc. is planning on getting a new credit facility to help fund its buyout by Apollo Management LP, according to a market source.

Lehman Brothers and UBS are the lead banks on the deal.

No details on timing or structure are available, the source added.

The buyout, which is valued at about $850 million including the assumption of debt, is expected to be completed in the second quarter and is subject to normal conditions, including regulatory approval.

Oceania is a Miami-based upper-premium cruise line.

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