Proceeds will be used to make revolving loans to Viking River Cruises to finance ongoing working capital requirements and other general corporate purposes.
Revolving loans will bear interest at a rate calculated based on the type of borrowing, at Viking Cruises' election — either Term SOFR or a base rate defined in the credit agreement and Viking Cruises' secured net leverage ratio with the rate ranging from 1.5% to 2.5% for Term SOFR loans and from 0.5% to 1.5% for base rate loans.
Viking Cruises will also pay a commitment fee between 30 to 35 basis points, payable quarterly, on the average daily unused amount of the revolving credit racility, based on Viking Cruises' secured net leverage ratio.
The obligations under the revolving credit facility are guaranteed by certain Viking Cruises direct and indirect wholly-owned subsidiaries and are secured by Viking Cruises' rights under an intercompany revolving loan agreement.
Collateral vessels
The fair market value of 19 river vessels identified as collateral range from $22.9m to $26.2m each for a total fair market value of $468.9m.
Wells Fargo Securities is joint lead arranger and sole bookrunner, JPMorgan Chase is issuing lender and joint lead arranger, BofA Securities is joint lead arranger and Bank of America is issuing lender.
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