Price Sensitive

While not close followers of the cruise business, we followed the Regent Seven Seas Cruise $200 million senior secured note offering due in 2017, because of our interest in high yield. The notes were to be issued Seven Seas Cruises S. DE R.L. in a 144A offering. The notes would be guaranteed by the subsidiaries that own the company’s three cruise ships and the notes and the guarantees would be secured by a second priority lien on the same collateral securing the existing senior secured credit facilities, including 2nd priority mortgages on the ships.

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