Viking Cruises Ltd Announces Commencement of Consent Solicitation for its 8.50% Senior Notes due 2022

LOS ANGELES, June 1, 2015 /PRNewswire/ -- Viking Cruises Ltd ("Viking") today announced that it is soliciting consents (the "Consent Solicitation") from holders of its outstanding 8.50% Senior Notes due 2022 (the "Notes") to approve certain proposed amendments to the indenture relating to the Notes (the "Indenture") that would more closely align and conform certain covenants, definitions and other terms in the Indenture with those contained in the indenture governing Viking's recently issued 6.250% Senior Notes due 2025.   

Adoption of the proposed amendments requires 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 aggregate outstanding principal amount of the Notes as of the date hereof is $525,000,000.

The Consent Solicitation will expire at 5:00 p.m., New York City time, on June 10, 2015, unless Viking extends it (such date and time, as the same may be extended, the "Expiration Date"). Only holders of record of the Notes as of 5:00 p.m., New York City time, on May 29, 2015 are eligible to deliver consents to the proposed amendments in the consent solicitation. Consents that have been validly delivered may be validly revoked until, but not after, the Expiration Date. If the proposed amendments to the Indenture are approved, the amendments will be binding on all holders of the Notes, including those that did not deliver or revoked their consent, but only holders validly delivering their consent will receive the Consent Fee (as defined below).

The consent payment for the Notes is $2.50 per $1,000 principal amount of the Notes (the "Consent Fee") payable to holders of record who validly consent and do not revoke such consent prior to the Expiration Date, subject to satisfaction or waiver of all conditions to the Consent Solicitation. No Consent Fee will be payable with respect to any consents received after the Expiration Date.

None of Viking, its subsidiaries or affiliates, the Solicitation Agent or the Information and Tabulation Agent or the Trustee 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. The Consent Solicitation is being made solely by the Consent Solicitation Statement, dated June 1, 2015 (the "Consent Solicitation Statement"), and the related consent form which set forth the complete terms of the Consent Solicitation.

For a complete statement of the terms and conditions of the Consent Solicitation and the proposed amendments to the Indenture, holders of the Notes should refer to the Consent Solicitation Statement, which is being sent to all holders of record of the Notes as of the record date. 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

Requests for assistance in completing and delivering a consent form or requests for additional copies of the Consent Solicitation Statement and the related consent form should be directed to 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: (866) 620-2536  
Collect: (212) 269-5550  
Email:  [email protected]

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, the receipt of the Requisite Consents 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. Since its 1997 inception the company has grown to a fleet of 60 river vessels (in 2015) offering scenic cruising along the rivers of Europe, Russia, Egypt, China, and Southeast Asia. 

SOURCE Viking Cruises Ltd