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.

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