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 50bp and co-arrangers receive 35bp for commitments of $15 million to $24 million.

Bankers had a close look at the Star Cruises credit story last year when HSBC ran the books on a...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222