German cruise line operator TUI Cruises will price a five-year bond at 6.50% later on Thursday, according to a lead manager memo seen by Reuters.
The company, owned half-and-half by TUI and Royal Caribbean Group, has managed to cut the yield on the 300 million-euro bond from around 7% when the sale first started on Tuesday.
Tui Cruises will use the proceeds of the bond, which is redeemable after two years, towards shoring up its balance sheet.
JP Morgan and BNP Paribas are leading the deal alongside Citi, Commerzbank, Credit Agricole, DZ Bank and UniCredit.
(Reporting by Yoruk Bahceli; editing by Sujata Rao) ((Yoruk.Bahceli@thomsonreuters.com; +44 20 7542 7571; Reuters Messaging: firstname.lastname@example.org))