By Aleesia Forni
Columbus, Ohio, Oct. 12 - Viking Cruises, Ltd. priced a $250 million offering of 8½% 10-year senior notes (B3/B+/) at par, market sources said on Friday.
Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC were the joint bookrunners for the Rule 144A and Regulation S for life offering.
The 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.
| Issuer: | Viking Cruises Ltd.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | Oct. 15, 2022
|
| Bookrunners: | Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | Treasuries plus 684 bps
|
| Trade date: | Oct. 12
|
| Settlement date: | Oct. 19
|
| Distribution: | Rule 144A, Regulation S for life
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
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