Silversea Cruises said that for the first time it will sell
bonds to the public to finance its business.
The privately-held luxury cruise company said it plans to
raise $550 million in the note offering.
The senior secured notes will be due in 2025 and pay
interest at a rate of 7.25%.
Silversea said proceeds from the offering will be used to
refinance or replace existing debts, including the facility intended to
finance the purchase of the Silver Muse, its new ship due in April.
Proceeds will also be used to repurchase the Silver Shadow
and to pre-fund capital expenditure requirements, Silversea said.