By Paul A. Harris
Portland, Ore., April 10 – Monaco-based Silversea Cruise Holding Ltd. priced an upsized $70 million add-on to the Silversea Cruise Finance 7¼% senior secured notes due Feb. 1, 2025 (B2/expected BB-) at 104.5 to yield 6.148% in a quick-to-market Tuesday trade, according to market sources.
The issue size was increased from $60 million.
The reoffer price came rich to price talk in the 104.25 area; initial guidance was 103.75 to 104.25.
The deal traded higher in the Tuesday secondary market where it was seen going out at 105¼ bid, 105¾ offered, according to a buyside source.
J.P. Morgan Securities LLC managed the deal.
The privately owned luxury cruise line plans to use the proceeds to fund future capital expenditures on its current fleet and for general corporate purposes.
| Issuer: | Silversea Cruise Finance
|
| Amount: | $70 million, increased from $60 million
|
| Maturity: | Feb. 1, 2025
|
| Security description: | Add-on to 7¼% senior secured notes due Feb. 1, 2025
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 7¼%
|
| Price: | 104.5
|
| Yield: | 6.148%
|
| Spread: | 353 bps
|
| First call date: | Feb. 1, 2020
|
| Trade date: | April 10
|
| Ratings: | Moody's: B2
|
| S&P: Existing BB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 104.25 area
|
| Marketing: | Quick to market
|
| Original issue: | $550 million
|
| Fungibility: | Add-on notes will become fungible with original notes
|
| Total issue size: | $620 million
|
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