In the Nordic market Cruise Yacht Upper Holdco Ltd (The Ritz-Carlton Yacht Collection) (CRYACU) US$300m sr sec notes due 07/05/28 (4y). NC2 (MWC, 5.077% discount rate), thereafter callable at 105.938 / 104.453 / 102.969 / 101.484% after 24 / 30 / 36 / 42 months, respectively, but excluding the maturity date, (100% + 50.0 / 37.5 / 25.0 / 12.5% of the coupon after 24 / 30 / 36 / 42 months). CoC at 101. Not rated. Via DNB (B&D)/Pareto jt books. List Oslo. Norwegian law. Semi pay starts 01/05/25. Trade date 06/25. Settles 07/05. ISIN NO0013270314. IPT 12.00%-12.25%. Price guidance: 11.875%-12.00% WPIR. Price guidance: 11.875%-12.00%. Coupon set 11.875%.
Priced: 11.875% at 100.
Did a series of fixed income investor meetings starting 06/17. The books closed at 6pm CEST/12pm NYT 06/24. UOP: refinance a HoldCo PIK note, fund delivery (and associated costs) of the issuer’s two newbuilds (the Ilma and the Luminara), and GCP. Biz: luxury cruise line. HQ: Florian, Malta.