Viking Cruises Ltd Announces Receipt of Requisite Consents in Consent Solicitation for its 8.50% Senior Notes due 2022

LOS ANGELES, July 16, 2014 /PRNewswire/ -- Viking Cruises Ltd ("Viking") today announced that it has received the Requisite Consents (as defined below) from holders of its outstanding 8.50% Senior Notes due 2022 (the "Notes") to adopt the proposed amendments (the "Proposed Amendments") to the indenture (the "Indenture") governing the Notes which Viking requested pursuant to its previously announced consent solicitation (the "Consent Solicitation"). The Proposed Amendments will provide Viking with financial and operating flexibility.

Adoption of the Proposed Amendments required the consent of holders of at least a majority of the outstanding aggregate principal amount of the Notes voting as a single class (the "Requisite Consents"). The receipt of the Requisite Consents made all consents that have been validly delivered prior to the Expiration Date (as defined below) irrevocable.

The Consent Solicitation expired today, Wednesday, July 16, 2014, at 12:00 p.m. New York City time (such date and time, the "Expiration Date"). The consent payment for the Notes is $30.00 per $1,000 principal amount of the Notes (the "Consent Fee") payable to holders of record who validly consented and did not revoke such consents prior to the Expiration Date. The Consent Fee will be paid promptly following the satisfaction or waiver of the conditions to the Consent Solicitation, including, among other things, the financing condition, described in the Consent Solicitation Statement, dated July 7, 2014 (as amended, the "Consent Solicitation Statement"). The complete terms and conditions of the Consent Solicitation are detailed in the Consent Solicitation Statement and in the related Consent Form (together, the "Solicitation Documents").

On July 15, 2014, Viking, the guarantors party thereto and the trustee under the Indenture executed a supplemental indenture incorporating the Proposed Amendments.  While the supplemental indenture became effective upon execution, the Proposed Amendments will not become operative unless such time, if any, as the conditions to the Consent Solicitation are satisfied or waived and the Consent Fee is paid.

If any of the conditions are not satisfied, Viking is under no obligation to pay the Consent Fee. Viking has the right to waive any of the remaining conditions to the Consent Solicitation.

None of Viking, its subsidiaries or affiliates, the Solicitation Agent or the Information and Tabulation Agent makes any recommendation as to whether holders of the Notes should consent or refrain from consenting to the Proposed Amendments.  This press release is not a solicitation of consents with respect to the Notes and does not set forth all the terms and conditions of the Consent Solicitation. Holders of the Notes should carefully read the Solicitation Documents for a complete description of all terms and conditions of the Consent Solicitation. Questions concerning the terms of the Consent Solicitation should be directed to the Solicitation Agent as follows:

Wells Fargo Securities, LLC
550 South Tryon Street, 5th Floor
Charlotte, North Carolina 28202
Attn:  Liability Management Group
Toll-free:  (866) 309-6316
Collect:  (704) 410-4760

Copies of the Solicitation Documents may be obtained from the Information and Tabulation Agent as follows:

D.F. King & Co., Inc.

By Mail, By Hand and Overnight Courier
D.F. King & Co., Inc.
48 Wall Street
22nd Floor
New York, New York 10005
Toll-free: (800) 758-5378
Collect: (212) 269-5550

Forward-Looking Statements

This press release contains statements regarding beliefs and expectations of the outcome of future events that are forward-looking statements, including, without limitation, statements with respect to the proposed amendments and the outcome of the consent solicitation. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Viking takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

About Viking Cruises Ltd

Viking offers destination-centric river and ocean cruising designed for experienced travelers with an interest in geography, culture and history. Featuring onboard cultural enrichment and included shore excursions, Viking's journeys are competitively priced for genuine value. Debuting its maiden season of ocean cruising, the sophisticated state-of-the-art 930-passenger Viking Star will host guests on itineraries in Scandinavia and the Baltic, and the Western and Eastern Mediterranean. As the world's leading river cruise line, since its 1997 inception the company has grown to a fleet of 53 river vessels (in 2014) offering scenic cruising along the rivers of Europe, Russia, Egypt, China, and Southeast Asia.

SOURCE Viking Cruises Ltd



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