Oceania Cruises to launch $249 million term loan B on Wednesday

By Sara Rosenberg

New York, Jan. 28 - Oceania Cruises Inc. set a call for 11 a.m. ET on Wednesday to launch a $249 million term loan B due July 2020 that is talked at Libor plus 425 basis points to 450 bps with a 1% Libor floor and 101 soft call protection for six months, according to sources.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Proceeds will be used to reprice the company's existing term loan B from Libor plus 575 bps with a 1% Libor floor.

With the repricing, the company is paying down $50 million of the term loan B, which is why the size at launch is $249 million.

Commitments are due on Feb. 4, sources added.

Oceania Cruises is a Miami-based upper premium cruise line.

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