New Issue: Seven Seas prices $200 million eight-year notes at par to yield 9 1/8%

By Paul A. Harris

Portland, Ore., May 13 - Regent Seven Seas Cruises priced a $200 million issue of eight-year second-lien senior secured notes (B3/B-/) at par to yield 9 1/8% on Friday, according to a market source.

The yield printed at the tight end of price talk, which was set in the 9¼% area.

Deutsche Bank Securities Inc. was the left bookrunner. Barclays Capital Inc. and HSBC were the joint bookrunners.

The Fort Lauderdale, Fla.-based cruise ship company plans to use the proceeds to repay debt and for general corporate purposes.

Issuer:	Regent Seven Seas Cruises
Amount:	$200 million
Maturity:	May 15, 2019
Securities:	Second-lien senior secured notes
Left bookrunner:	Deutsche Bank Securities Inc.
Joint bookrunners:	Barclays Capital Inc., HSBC
Co-managers:	Morgan Joseph, Credit Agricole CIB, DnB NOR, Nordea
Coupon:	9 1/8%
Price:	Par
Yield:	9 1/8%
Spread:	633 bps
Call protection:	Four years
Trade date:	May 13
Settlement date:	May 19
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A with registration rights
Price talk:	9¼% area

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