Regent Seven Seas firms $300 million term loan at Libor plus 500 bps

By Sara Rosenberg

New York, Aug. 15 - Regent Seven Seas Cruises set pricing on its $300 million 61/2-year term loan B at Libor plus 500 basis points, the tight end of the Libor plus 500 bps to 525 bps guidance, according to a market source.

Also, the company added a step-down to Libor plus 475 bps when net first-lien leverage is less than 1.75 times, the source said.

As before, the loan has a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

The company's $340 million credit facility (Ba2) also includes a $40 million five-year revolver.

Allocations are expected to go out on Thursday, the source added.

Deutsche Bank Securities Inc., Barclays, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance an existing revolver and term loan.

Regent Seven Seas is a Miami-based cruise ship company.

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