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News Feb 06, 2017

Shearman & Sterling Advises Silversea Cruise Holding on $550 Million Senior Secured Notes Offering

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.

The Shearman & Sterling team included partners Trevor Ingram (London-Capital Markets), Jacques McChesney (London-Capital Markets), Iain Goalen (London-Finance), Kristen Garry (Washington, DC-Tax) and Simon Letherman (London-Tax); counsel Tommaso Tosi (Milan-Capital Markets) and Mehran Massih (London-Environmental); and associates Melanie Probst, Joseph Hutchinson, Ana Stefanovic Grbec, Elena Dzhurova (all London-Capital Markets), Andrew Cook, Maria Cornilsen, Warren Stapley, Addison Pierce (all London-Finance), Eric Grosshandler (New York-Tax) and Sarah Moir-Porteous (London-Tax).