Shearman & Sterling advised Silversea Cruise Holding Ltd. (“Silversea Cruises”) on the offering of $550 million aggregate principal amount of 7.250% senior secured notes due 2025 by its wholly owned subsidiary Silversea Cruise Finance Ltd. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on January 30, 2017. The proceeds of the offering will be used to, among other things, refinance or replace certain existing debt of Silversea Cruises and its subsidiaries, including the facility intended to finance the purchase price of the Silver Muse, and to pre-fund capital expenditure requirements.
Silversea Cruises is a market leader in the luxury and expedition cruise industry. Silversea Cruises began the Ultra Luxury cruising line in 1994 and is a pioneer in luxury expedition cruising.