Viking Cruises seeks consents for four notes to expand permitted debt

Chicago, Oct. 25 – Viking Cruises Ltd. and its wholly owned subsidiary, Viking Ocean Cruises Ltd., are soliciting consents from holders of four series of notes, according to a press release.

Viking is soliciting consents to conform certain definitions in the indentures to the terms of notes issued more recently, earlier in 2021.

The amendments will allow Viking to more efficiently operate its business, remove administrative burden relating to accounting changes and expand its business, particularly in respect to a Viking Mississippi River product.

The proposed amendments would extend an existing category of permitted debt to include charter liabilities associated with Mississippi River vessels and other ships that are operated under the Viking brand.

The proposed amendments would also give effect to IFRS 16 for accounting for leases for purposes of certain calculations in the indentures.

The notes involved in the consent solicitation are the:

• $250 million outstanding 6¼% senior notes due 2025 (Cusips: 92676XAC1, G9363BAC4);

• $675 million outstanding 13% senior secured notes due 2025 (Cusips: 92676XAE7, G9363BAF7);

• $825 million outstanding 5 7/8% senior notes due 2027 (Cusips: 92676XAD9, G9363BAD2); and

• $675 million outstanding 5% senior secured notes due 2028 (Cusips: 91832VAA2, G9400VAA9).

For each $1,000 note, consenting noteholders will receive a consent fee of $1.00.

Holders of record as of 5 p.m. ET on Oct. 22 will be able to deliver consents.

The expiration time is 5 p.m. ET on Nov. 1.

Each consent solicitation is conditional on the consummation of the other consent solicitations.

A majority of noteholders for each series must participate.

Wells Fargo Securities, LLC is the solicitation agent (866 309-6316, 704 410-4759, liabilitymanagement@wellsfargo.com).

D.F. King & Co., Inc is the information and tabulation agent for the offer (800 628-8528, 212 269-5550, vcl@dfking.com).

Viking is a Los Angeles-based cruise line.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.