Oceania Cruises launches credit facility amendment and extension

By Sara Rosenberg

New York, Nov. 12 - Oceania Cruises Inc. held a conference call on Friday morning to launch an amendment and extension of its credit facility, according to a market source.

Under the proposal, the company is looking to extend its $40 million revolver by three years to April 2015, its $266 million first-lien term loan by two years to April 2015 and its roughly $75 million revolver by 1¼ years to July 2015, the source said.

Pricing on the extended revolver and first-lien term loan will be Libor plus 475 basis points, up from Libor plus 225 bps currently, and pricing on the extended second-lien loan will be Libor plus 875 bps, up from Libor plus 575 bps, the source continued.

The extended revolver pricing will be subject to a grid.

Lenders are being offered a 10 bps amendment fee.

Barclays is leading the transaction and is asking for consents and commitments by Nov. 19.

Oceania Cruises is a Miami-based cruise line.

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