Viking Cruises Ltd. has placed a $700 million, evenly split two-part eight-year notes offering, with both the secured and unsecured tranches pricing at revised talk, sources said. Wells Fargo was lead bookrunner.
Proceeds of the new deal will be used for general corporate purposes and to pay the remaining contract price of approximately €285 million for the company's Viking Venus ship.
Viking Cruises is a provider of worldwide river and ocean cruises. The firm was last in the market in May 2020, placing $675 million of five-year secured notes at the tight end of guidance. Terms:
| Issuer | Viking Cruises Ltd. | |
| Ratings | CCC/Caa2 | |
| Amount | $350 million | |
| Issue | Senior notes (144A/Reg S for life) | |
| Coupon | 7% | |
| Price | 100 | |
| Yield | 7% | |
| Spread | T+614 | |
| Maturity | Feb. 15, 2029 | |
| Call | Non-call three (first call at par plus 50% coupon) | |
| Price talk | 7%; revised from 7.25% area | |
| Notes | Make-whole at T+50; up-to-40% equity claw at 107% until Feb. 15, 2024 |
|
| Issuer | Viking Ocean Cruises Ship VII Ltd. | |
| Ratings | B-/B2 | |
| Amount | $350 million | |
| Issue | Senior secured notes (144A/Reg S for life) | |
| Coupon | 5.625% | |
| Price | 100 | |
| Yield | 5.625% | |
| Spread | T+477 | |
| Maturity | Feb. 15, 2029 | |
| Call | Non-call three (first call at par plus 50% coupon) | |
| Talk | 5.625%; revised from 5.875% area | |
| Notes | Make-whole at T+50; up-to-40% equity claw at 105.625% until Feb. 15, 2024 |
|
| Bookrunners | WF (left)/BofA/CS/JPM | |
| Trade (date) | Jan. 28, 2021 | |
| Settle | Feb. 2, 2021 (T+3) |