Viking Cruises driving by with $720 million eight-year notes, whispered at 9% or tighter

By Paul A. Harris

Portland, Ore., June 26 – Viking Cruises Ltd. plans to price a $720 million offering of senior notes due 2031 (Caa1/B-) in a Monday drive-by trailing a conference call with investors, according to market sources.

Whisper has the deal pricing to yield 9% of tighter, a bond trader said.

The eight-year notes become callable after three years at par plus 50% of the coupon.

Wells Fargo Securities LLC is the left bookrunner. BofA Securities, Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and BNP Paribas Securities Corp. are the joint bookrunners.

The Basel, Switzerland-based cruise line plans to use the proceeds plus balance sheet cash to redeem and discharge its 13% senior secured notes due 2025.

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