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NEW YORK - Viking Holdings Ltd (NYSE:VIK), a $27 billion market cap cruise operator whose stock has surged over 70% in the past year, announced Monday that its wholly owned subsidiary, Viking Cruises Ltd, has priced a private offering of $1.7 billion in senior notes due 2033 with an interest rate of 5.875%.
The cruise operator said the offering is expected to close on October 7, 2025, subject to customary closing conditions.
According to the company’s press release statement, Viking Cruises intends to use the proceeds, along with cash on hand, to redeem all outstanding 5.875% Senior Notes due 2027 and refinance the finance leases currently funding four ships: three ocean vessels (Viking Orion, Viking Mars, and Viking Jupiter) and one expedition ship (Viking Octantis).
The notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to certain non-U.S. persons outside the United States under Regulation S. The notes have not been registered under the Securities Act and may not be offered or sold without registration unless exempt from registration requirements.
Founded in 1997, Viking provides destination-focused journeys on rivers, oceans, and lakes worldwide. The company completed its initial public offering earlier this year and trades on the New York Stock Exchange under the ticker symbol VIK.
In other recent news, Viking Cruises Ltd, a subsidiary of Viking Holdings, announced a $1.7 billion private offering of senior unsecured notes expected to mature in 2033. The proceeds from this offering, along with cash on hand, will be used to redeem all outstanding 5.875% Senior Notes due 2027 and refinance the finance leases for four ships. Meanwhile, Viking Holdings has seen its stock price targets adjusted by several analyst firms following its second-quarter earnings report. Truist Securities raised its price target to $59, citing resilience in luxury demand. UBS also increased its price target to $69, attributing this to better-than-expected quarterly performance and strong luxury consumer demand. Stifel reiterated a Buy rating with a $75 price target, noting consistent forward booking trends. Goldman Sachs maintained a Neutral rating with a $60 price target, pointing to Viking’s strong business fundamentals and projected double-digit revenue growth. These developments reflect the company’s ongoing efforts to strengthen its financial position and capitalize on the luxury cruise market.
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