Viking Cruises to sell $250 million 10-year senior notes

By Paul A. Harris

Portland, Ore., Oct. 9 - Viking Cruises, Ltd. held an investor call on Monday to discuss its $250 million offering of 10-year senior notes (expected ratings B3/B+), according to an informed source.

The deal is set to price late in the Oct. 8 week or early in the week ahead.

Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with five years of call protection.

Of the proceeds, $100 million will be used for acquisition costs related to river vessels to be built, $50 million to finance the acquisition of ships, vessels, and other assets, and start-up costs at subsidiary Viking Ocean Cruises Ltd., up to $50 million to purchase shares and options to acquire shares of Viking River Cruises Ltd. and $20 million to fund a dividend to MISA Investments, the parent. The remainder will be used for general corporate purposes.

The issuer is Woodland Hills, Calif.-based river cruising company.

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