S&P: Oceania Cruises unchanged

Standard & Poor's said it does not expect to change the ratings on Oceania Cruises Inc.'s first- and second-lien credit facilities in the event the company successfully completes its planned amendment and maturity extension.

Oceania is proposing to extend the maturity date on its $40 million first-lien revolver to April 2015 from April 2012 and on its $300 million first-lien term loan, about $266 million outstanding, to April 2015 from April 2013. These issues are rated B+ with a recovery rating of 2.

The company also is proposing to extend the maturity on its $75 million second-lien term loan to July 2015 from April 2014. This issue is rated CCC+ with a recovery rating of 6.

The security package, amortization schedule, financial covenant and other key terms are the same as for the existing facilities, except for the addition of a guarantee from parent company, Prestige Cruise Holdings Inc.

The agency said it is assuming that nearly all lenders agree to the amendment and extension.

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