Viking Cruises Ltd Announces Pricing of Private Offering of $675 Million of Senior Secured Notes and Private Tack-On Offering of $275 Million of Senior Unsecured Notes
LOS ANGELES, Jan. 29, 2018 /PRNewswire/ -- Viking Cruises Ltd ("Viking") today announced that it has priced its private offering of $675 million aggregate principal amount of 5.000% Senior Secured Notes due 2028 (the "Secured Notes") by VOC Escrow Ltd (the "Escrow Issuer") and its private tack-on offering of an additional $275 million of its 5.875% Senior Notes due 2027 (the "Additional Notes" and, together with the Secured Notes, the "Notes"). The Escrow Issuer was formed solely for the purpose of issuing the Secured Notes and, following the initial escrow release, will be merged with and into Viking's direct wholly owned subsidiary Viking Ocean Cruises Ltd ("VOC") and VOC will assume the obligations of the Escrow Issuer under the Secured Notes and the related indenture.
Viking intends to use the net proceeds from the Secured Notes (1) to prepay all outstanding amounts under the loan agreements used to finance two ocean newbuildings, the Viking Star and the Viking Sky, and (2) to repurchase another ocean newbuilding, the Viking Sea, and discharge the related sale-leaseback financial agreement. Viking intends to use the net proceeds of the Additional Notes for general corporate purposes.
The Notes are being offered only to persons reasonably believed to be "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons outside the United States under Regulation S under the Securities Act. The Notes have not been, and will not be, registered under the Securities Act and may not be offered or sold without registration unless pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and all applicable state laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes, nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
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 use of proceeds of the Notes. 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-focused itineraries designed for experienced travelers who have an interest in geography, culture and history. Viking plans on operating a fleet of 69 vessels, offering scenic cruising along the rivers and oceans of the Americas, Asia, Australia, Europe, Russia, and Egypt. By 2019 the company will operate six 930-passenger ocean cruise ships and will sail itineraries in Scandinavia and the Baltic, the Western and Eastern Mediterranean, Asia, Australia, North America and the Caribbean.
SOURCE Viking Cruises Ltd
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