Viking Cruises to sell $950 million notes in two parts Jan. 29 week

By Paul A. Harris

Portland, Ore., Jan. 25 – Viking Cruises Ltd. plans to sell $950 million of high-yield notes during the Jan. 29 week, according to a market source.

The two-part deal features $675 million of new 10-year senior secured notes (Ba2/BB-) with five years of call protection.

An unsecured tranche features a $275 million add-on to the 5 7/8% senior notes due Sept. 15, 2027 (B3/B). The 5 7/8% notes have a make-whole call at Treasuries plus 50 basis points until Sept. 15, 2022, then become callable at 102.938. The original $550 million issue priced at par on Sept. 13, 2017.

BofA Merrill Lynch, Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC are managing the sale.

The Los Angeles-based cruise line plans to use the proceeds to repay debt.

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