Panama's Prestige Cruises to redeem some 9 1/8% notes due 2019 via IPO proceeds

By Toni Weeks

San Luis Obispo, Calif., Jan. 22 - Prestige Cruises International, Inc. plans to use proceeds from its initial public offering of shares to redeem some of the 9 1/8% senior secured notes due May 15, 2019 issued by Seven Seas Cruises S de RL (Regent), according to an S-1 filing with the Securities and Exchange Commission.

As of Sept. 30, there was $225 million principal amount of notes outstanding.

The company also plans to use the proceeds to repay a portion of Oceania Cruises, Inc.'s and Regent's term loans as well as for future capital expenditures and general corporate purposes.

As of Sept. 30, there was a balance of $300 million under the Oceania term loan and $296.3 million under the Regent term loan. The Oceania and Regent loans mature July 2020 and December 2018, respectively.

The Panama-based provider of luxury cruises is the parent company of Prestige Cruise Holdings, Inc., which in turn is the parent of Oceania Cruises and Seven Seas Cruises (Regent).

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