Star Cruises is tapping the market for a $225 million eight year facility through arrangers HSBC and Den Norske Bank. The borrowing entity will be subsidiary Norwegian Sun, a cruise liner owned by Star Cruises, with the parent providing a guarantee.
Invitations were sent out on Tuesday offering banks a margin of 140bp over Libor and front end fees on three levels. Lead arrangers earn 60bp for $40 million tickets, arrangers taking $25 million to $39 million gain 50bp and co-arrangers receive 35bp for commitments of $15 million to $24 million.
Bankers had a close look at the Star Cruises credit story last year when HSBC ran the books on a...
