Regent Seven Seas launches loan repricing at Libor plus 375-400 bps

By Sara Rosenberg

New York, Jan. 22 - Regent Seven Seas Cruises launched with a call on Tuesday morning the repricing of its roughly $300 million term loan B with talk of Libor plus 375 basis points to 400 bps with a 1.25% Libor floor and a par offer price, according to a market source.

The repriced loan will have 101 soft call protection for one year, the source said.

Commitments are due at noon ET on Friday.

Deutsche Bank Securities Inc. is leading the deal.

The repricing will take the loan down from Libor plus 500 bps with a 1.25% Libor floor.

With this transaction, lenders will get paid out at 101 as a result of existing call protection.

In connection with the lender call, the company released preliminary financial results for the fourth quarter ended Dec. 31, 2012, including expected revenue of between $112.2 million and $117.2 million, compared to $107.9 million in the fourth quarter of 2011, expected net yield between $396 and $413 million, compared to $405 million in the prior year, and expected adjusted EBITDA between $7.6 million and $11.6 million, compared to $14.5 million in the previous year.

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

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