Cruise liner shrugs off Sars concerns to launch refinancing

HSBC and Den Norske test market appetite with $225 million deal for Star Cruises.

Star Cruises is tapping the market for a $225 million eight year facility through arrangers HSBC and Den Norske Bank. The borrowing entity will be subsidiary Norwegian Sun, a cruise liner owned by Star Cruises, with the parent providing a guarantee.

Invitations were sent out on Tuesday offering banks a margin of 140bp over Libor and front end fees on three levels. Lead arrangers earn 60bp for $40 million tickets, arrangers taking $25 million to $39 million gain...

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