Norwegian Cruise Line Subsidiary Upsizes Senior Notes Offering to $950 Million

MT Newswires Live10-01

Norwegian Cruise Line's (NCLH) subsidiary, NCL Corporation Ltd., said late Wednesday it priced $950 million of 8.75% senior notes due 2031, up from the previously announced $750 million.

NCL is offering the notes only to qualified institutional buyers in the US under Rule 144A and to non-US investors under Regulation S, according to the company.

NCL said it plans to use the proceeds and cash on hand to redeem its 6.125% senior notes due 2028, repay about $376.3 million under its revolving credit facility, and prepay about $42.2 million of export-credit-backed debt, along with related interest, fees, and expenses.

The company said the offering is expected to close on Oct. 15, subject to customary conditions.

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