  String theory on NS-NS AdS_3 x S^3 admits an exactly marginal deformation
which breaks the SL(2,R)_R x SL(2,R)_L isometry of AdS_3 down to SL(2,R)_R x
U(1)_L. The holographic dual is an exotic and only partially understood type of
two-dimensional CFT with a reduced unbroken global conformal symmetry group. In
this paper we study the deformed theory on the string worldsheet. It is found
to be related by a spectral flow which is nonlocal in spacetime to the
undeformed worldsheet theory. An exact formula for the spectrum of massive
strings is presented.
