Sponsored By

Viking arranges $375m revolving credit facilityViking arranges $375m revolving credit facility

Viking Cruises, a Viking Holdings subsidiary, arranged a $375m five-year revolving credit facility with Wells Fargo Bank as administrative and collateral agent.

Anne Kalosh, Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

June 30, 2024

1 Min Read
CRUISE Viking Longship Rhine
Proceeds of the $375m revolving credit facility will be used to make revolving loans to Viking River Cruises to finance ongoing working capital requirements and other general corporate purposes. Here, a Viking Longship on the RhinePHOTO: VIKING

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.

Read more about:

Viking

About the Author

Anne Kalosh

Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

Anne Kalosh covers global stories, reporting both breaking and in-depth news on cruising's significant people, places, ships and trends. A sought-after expert on cruising, she has moderated conferences around the world, including the high-profile State of the Industry panel at Seatrade Cruise Global. She created and led the acclaimed itinerary-planning case study for Seatrade's cruise master classes held at Cambridge and Oxford universities. She has been the cruise columnist for AFAR.com, and her freelance stories have appeared in a wide range of publications, from The New York Times to The Miami Herald.

The latest cruise news, analysis and more straight to your inbox
Get the free newsletter read by industry experts

You May Also Like