Viking Holdings (VIK) plans $1.7B 2033 notes to redeem 2027 debt

Rhea-AI Filing Summary

Viking Holdings Ltd reports that its wholly owned subsidiary, Viking Cruises Ltd, has priced a private offering of $1.7 billion in 5.875% Senior Notes due 2033. The offering is expected to close on October 7, 2025, subject to customary conditions.

Viking Cruises Ltd plans to use the net proceeds from these Notes, together with cash on hand, to redeem all of its outstanding 5.875% Senior Notes due 2027 and to refinance finance leases tied to three ocean ships (Viking Orion, Viking Mars, Viking Jupiter) and one expedition ship (Viking Octantis). The planned redemption of the 2027 notes will only occur if the new Notes offering successfully closes.

Insights

Credit and capital structure analyst

Viking refinances debt, extending maturities and shifting ship financing.

Viking Cruises Ltd has priced a private offering of $1.7 billion in 5.875% Senior Notes due 2033. The company plans to use net proceeds and cash on hand to redeem its existing 5.875% Senior Notes due 2027 and refinance finance leases on four named ships. This represents a shift from shorter‑dated unsecured notes and lease financing toward a single longer‑dated bond.

The transaction is subject to customary closing conditions, and the redemption of the 2027 notes is expressly conditioned on the closing of the new Notes offering. That linkage means the current capital structure remains in place if the deal does not close as expected. The filing does not detail pricing relative to existing debt beyond the matching 5.875% coupon, so the net effect on interest cost is not described.

If the offering closes on October 7, 2025 as expected, investors will later be able to assess impacts through subsequent disclosures on overall debt levels, lease liabilities and interest expense. Actual outcomes will depend on final proceeds and execution of the planned redemptions and refinancing.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________

FORM 6-K

____________________________

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2025

Commission File Number: 001-42039

____________________________

Viking Holdings Ltd

(Translation of registrant’s name into English)

____________________________

94 Pitts Bay Road

Pembroke, Bermuda HM 08

(Address of principal executive office)

____________________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Information Contained in this Form 6-K Report

Notes Offering

On September 29, 2025, Viking Holdings Ltd (the “Company”) issued a press release announcing that its wholly owned subsidiary, Viking Cruises Ltd (“VCL”), has priced its private offering (the “Notes Offering”) of $1.7 billion aggregate principal amount of 5.875% Senior Notes due 2033 (the “Notes”). The offering of the Notes is expected to close on October 7, 2025, subject to customary closing conditions. VCL expects to use the net proceeds from the Notes, together with cash on hand, to redeem all of its outstanding 5.875% Senior Notes due 2027 (the “2027 Unsecured Notes”) and refinance the finance leases that currently finance three ocean ships, the Viking Orion, the Viking Mars and the Viking Jupiter, and one expedition ship, the Viking Octantis. The redemption will be conditioned on the closing of the Notes Offering.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. The press release includes forward-looking statements. See “Cautionary Note Concerning Forward-Looking Statements” within the press release for additional information. Neither this current report nor the press release constitutes a notice of redemption with respect to the 2027 Unsecured Notes.

2

Exhibit Index

Exhibit Number		Description
99.1		Press Release of Viking Holdings Ltd, dated September 29, 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: September 29, 2025

	Viking Holdings Ltd
	By:	/s/ Leah Talactac
	Name:	Leah Talactac
	Title:	President and Chief Financial Officer

FAQ

What financing transaction did Viking Holdings Ltd (VIK) announce?

Viking Holdings Ltd reported that its subsidiary Viking Cruises Ltd has priced a private offering of $1.7 billion aggregate principal amount of 5.875% Senior Notes due 2033.

How will Viking Cruises Ltd use the proceeds from the new 2033 Senior Notes?

Viking Cruises Ltd expects to use the net proceeds from the 5.875% Senior Notes due 2033, together with cash on hand, to redeem all outstanding 5.875% Senior Notes due 2027 and to refinance finance leases that currently finance four ships.

Which ships are affected by Viking Cruises Ltd's refinancing plan?

The refinancing plan covers finance leases that currently finance three ocean ships—Viking Orion, Viking Mars, Viking Jupiter—and one expedition ship, the Viking Octantis.

When is the closing of Viking Cruises Ltd's new Notes offering expected?

The offering of the 5.875% Senior Notes due 2033 is expected to close on October 7, 2025, subject to customary closing conditions.

Is the redemption of Viking Cruises Ltd's 2027 notes guaranteed to occur?

No. The company states that the redemption of the 5.875% Senior Notes due 2027 will be conditioned on the closing of the new 2033 Notes offering.

Does this Form 6-K or the press release serve as a notice of redemption for the 2027 notes?

No. The company clarifies that neither this report nor the press release constitutes a notice of redemption with respect to the 5.875% Senior Notes due 2027.