Oceania withdraws second-lien amend/extend, extends 65% of first-lien

By Sara Rosenberg

New York, Nov. 29 - Oceania Cruises Inc. canceled plans to amend and extend its second-lien term loan since an agreement couldn't be reached with lenders, but the first-lien amend and extend passed, and about 65% of that debt was extended, according to a market source.

Under the proposal, the company was looking to extend its roughly $75 million second-lien term loan by 1¼ years to July 2015 at pricing of Libor plus 875 basis points, up from Libor plus 575 bps.

The first-lien transaction was to extend some of the $40 million revolver by three years to April 2015 and some of the $266 million first-lien term loan by two years to April 2015, with pricing of Libor plus 475 bps, up from Libor plus 225 bps.

The extended revolver pricing will be subject to a pricing grid.

Barclays is the lead bank on the deal.

Lenders were offered a 10 bps amendment fee.

Oceania Cruises is a Miami-based cruise line.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.