NCL Corporation Ltd. (NCLC), a subsidiary of Norwegian Cruise Line Holdings Ltd., announced on January 7, 2025, a proposed private offering of $1.80 billion aggregate principal amount of its senior notes due 2032. The offering is exempt from the registration requirements of the Securities Act of 1933.
The net proceeds from this offering, combined with cash on hand, are intended to redeem $1.20 billion aggregate principal amount of the 5.875% Senior Notes due 2026 and $600.0 million aggregate principal amount of the 8.375% Senior Secured Notes due 2028. This move aims to reduce secured debt and extend debt maturities.
The redemption of the existing notes is conditioned upon the consummation of the new notes offering. This financial maneuver is designed to optimize NCLH's capital structure by pushing out debt maturities and reducing the proportion of secured debt, enhancing the company's financial flexibility.
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