Scenic lifts term loan B to €350 million, firms OID at 99.75

By Sara Rosenberg

New York, Feb. 20 – Scenic (Columbus Finance BV) upsized its seven-year covenant-lite term loan B to €350 million from €315 million and set the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

Pricing on the term loan is still Euribor plus 375 basis points with a 0% floor, and the debt still has 101 soft call protection for one year.

Credit Suisse is the physical bookrunner on the deal. HSBC and JPMorgan are passive bookrunners.

Recommitments were due on Thursday, the source added.

Proceeds will be used to refinance an existing term loan B and pre-fund further vessel investments, and the funds from the upsizing will be used to add cash to the balance sheet.

Scenic is a Zug, Switzerland-based luxury river cruise, land tour and ocean cruise operator.

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