NCL Corp, a subsidiary of Norwegian Cruise Line Holdings (NCLH), has priced $790 mill aggregate principal amount of its 8.125% senior secured notes, due 2029.
They were designated a private offering that was exempt from the registration requirements of the US Securities Act of 1933, as amended.
The offering is expected to close on 18th October, 2023, subject to customary closing conditions, as well as the entry into certain amendments to NCL’s senior secured credit facility.
Proceeds from the offering, together with cash on hand, is intended to repay the term loans outstanding under the senior secured credit facility, including the payment of any accrued and unpaid interest, as well as related premiums, fees and expenses.
The notes and the related guarantees will be secured by first-priority interests in, among other things and subject to certain agreed security principles, 14 NCLH cruise ships that will also secure the senior secured credit facility and the 8.375% senior secured notes, due 2028.
They will be guaranteed by the subsidiaries that own the vessels to secure the notes.