NCLH refinances senior secured credit facility

2019-01-13T22:17:46+00:00 January 13th, 2019|Finance|

Norwegian Cruise Line Holdings (NCLH), together with NCL Corp, has refinanced its senior secured credit facility.
NCLH amended its existing senior secured credit facility by repricing its $875 mill revolving credit facility, repricing and increasing its Term A loan facility to about $1.6 bill and extending the maturity dates for both to January, 2024. 
The Term A Loan increase proceeds were used to prepay the entire outstanding amount under the company’s existing Term B loan facility. The amendment also reduced the applicable margin under the revolver and Term A Loan by 25 basis points. 
Both the revolver and Term A Loan bear interest at LIBOR plus an applicable margin of between 1% and 1.75%, depending on the company’s leverage ratio.
“The refinancing of this facility further builds on our foundation for the future by strengthening our liquidity profile through more favourable rates and the extension of maturities,” said Mark Kempa, NCLH executive vice president and CFO. “We remain focused on strengthening our balance sheet and remain on track to reach our targeted leverage range of 2.5 to 2.75 times by the end of 2020.”