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S&P rates Oceania Cruises loans B+
Standard & Poor's said it assigned B+ ratings to Oceania Cruises Inc.'s $15.5 million extended first-lien revolving credit facility and $162 million extended first-lien term loan due 2015.
The recovery rating of 2 indicates expectation of 70% to 90% recovery.
S&P said it amended and restated its first-lien credit agreement on Nov. 19, extending the maturities on portions of its revolving credit facility and term loan to 2015.
The corporate credit rating is B.
The outlook is stable.
S&P said the B rating incorporates a view of a consolidated enterprise, including both Seven Seas Cruises S DE RL and Oceania Cruises Inc. as wholly owned subsidiaries of Prestige Cruise Holdings Inc., a corporation controlled by Apollo Management LP.
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