Regent Seven, Oceania loans react to purchase news; new deals pile on to primary calendar

By Sara Rosenberg

New York, Sept. 2 – Regent Seven Seas Cruises’ term loan B was stronger in trading on Tuesday and Oceania Cruises’ term loan B was lower following an announcement that the parent of the two companies is being purchased by Norwegian Cruise Line Holdings Ltd.

Regent Seven Seas’ term loan B rose in Tuesday’s secondary market to 99 5/8 bid, par 1/8 offered from 98¾ bid, 99¼ offered and Oceania Cruises’ term loan fell to 99 7/8 bid, par 5/8 offered from par ¼ bid, par ¾ offered with news that parent company Prestige Cruises International Inc. is being acquired by Norwegian Cruise Line, according to a trader.

The purchase price for Prestige Cruises is $3,025,000,000, including the assumption of debt.

Norwegian expects to use bank debt, bonds, cash on hand and the issuance of about 20.3 million equity shares, or $670 million, to Prestige shareholders to fund the transaction.

Barclays, J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are leading the new debt.

Norwegian Cruise Line, a Miami-based cruise company, expects to close on the acquisition in the fourth quarter, subject to regulatory approvals and other customary conditions.

Over in the primary, York Risk Services Group, Aecom Technology Corp., ABRA Auto Body & Glass, ExGen Texas Power, Bureau van Dijk Electronic Publishing (Yellow Maple Holding BV), TNT Crane & Rigging, Inc. (North American Lifting Holdings Inc.) and Templar Energy LLC emerged with new deal plans.

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