NCL Corporation Prices Upsized $950M Senior Notes Due 2031

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Summary · why it matters

NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings, priced an upsized private offering of $950M aggregate principal amount of 8.750% senior notes due 2031. The offering was increased by $200M from the previously announced $750M target, and the private placement is expected to close on October 15, 2026. NCLC plans to combine the net proceeds with cash on hand to streamline its capital structure and pay related premiums, fees, and expenses. The capital allocation includes fully redeeming all outstanding 6.125% senior notes due 2028 issued by subsidiary NCL Finance, Ltd., conditioned upon the closing of the new offering, repaying approximately $376.3M in outstanding borrowings under NCLC's existing senior secured revolving loan facility, and prepaying approximately $42.2M in outstanding borrowings under export-credit backed financing facilities.

Impact on assets 1

Consumer Discretionary▲ · 1 stocks

Off-coverage companies 2

NCL Corporation Ltd.Private± Mixed
Capitalrelevance

NCL Corporation is the issuer of the upsized $950M 8.750% senior notes due 2031.

NCL Finance, Ltd.Private± Mixed
Capitalrelevance

NCL Finance's 6.125% senior notes due 2028 are to be fully redeemed with proceeds from the new offering.

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