S&P: Oceania Cruises outlook positive, rates loans B, CCC+

Standard & Poor's said it revised its outlook on Oceania Cruises Inc. to positive from developing while the B corporate credit rating was affirmed.

Concurrently, S&P said it assigned its loan and recovery ratings to the $340 million senior secured credit facility proposed jointly by Insignia Vessel Acquisition LLC, Nautica Acquisition LLC and Regatta Acquisition LLC.

The agency noted that the loan was rated B with a recovery rating of 2 and that the bank facility consists of a $40 million five-year revolving credit facility and a $300 million six-year term loan.

In addition, S&P said it assigned ratings to Oceania Cruises' proposed $75 million seven-year second-lien term loan and that the second-lien loan was rated CCC+ with a recovery rating of 5.

The outlook revision and rating affirmation follow the agency's assessment that the proposed financing transaction and investment by Apollo Management LP through a preferred stock instrument will occur in line with the current rating and will continue to allow for the possibility that rating upside potential may exist over the intermediate term.

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