By Paul A. Harris
Portland, Ore., Jan. 13 – Monaco-based Silversea Cruise Holding Ltd. priced an upsized $550 million issue of eight-year senior secured notes (B2/BB-) at par to yield 7¼% on Friday, according to a market source.
The issue was upsized from $275 million.
J.P. Morgan Securities LLC was the lead bookrunner.
The privately owned luxury cruise line plans to use the proceeds to repay debt and pre-fund capital expenditures.
| Issuer: | Silversea Cruise Holding Ltd.
|
| Amount: | $550 million, increased from $275 million
|
| Maturity: | Feb. 1, 2025
|
| Securities: | Senior secured notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Call protection: | Three years
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 30
|
| Ratings: | Moody's: B2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
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