Oceania Cruises $400 million credit facility to launch Tuesday

By Sara Rosenberg

New York, Oct. 18 - Oceania Cruises Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $400 million credit facility, according to a market source.

UBS and Lehman are the lead banks on the deal, with UBS the left lead.

The facility consists of a $25 million five-year revolver (B), a $300 million six-year first-lien term loan B (B) and a $75 million seven-year second-lien term loan (CCC+), the source said.

Proceeds will be used to buy cruise ships that the company currently leases.

Oceania is a Miami-based upscale cruise line.

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