Silversea Cruises announced that Silversea Cruise Finance Ltd., a wholly owned subsidiary of the company, has successfully priced its offering of $550 million aggregate principal amount of 7.250% Senior Secured Notes due 2025. 

It is well below the interest rate on bond offerings from rival Viking Cruises.

The offering was be made pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The proceeds of the offering will be used to, among other things, refinance or replace certain existing debt of the Company and its subsidiaries, including the facility intended to finance the purchase price of the Silver Muse, to repurchase the Silver Shadow and to pre-fund capital expenditure requirements.