Norwegian Cruise Line Holdings Ltd. and its subsidiary NCL Corporation Ltd. (NCLC) announced on April 3, 2025, an additional exchangeable notes refinancing transaction. NCLC entered into agreements to exchange $68.451 million in aggregate principal amount of its 5.375% Exchangeable Senior Notes due 2025.
These 2025 Notes will be exchanged for $68.451 million in aggregate principal amount of newly issued 0.875% Exchangeable Senior Notes due 2030, along with a cash payment of $12.38 million. The cash payment will be funded by a concurrent registered direct offering of 649,565 ordinary shares at $19.06 per share.
The closing of these transactions is expected around April 7, 2025. Following the exchange, approximately $96.114 million of the 2025 Notes will remain outstanding. The transactions are expected to be neutral to the company’s leverage and reduce the company’s fully diluted shares outstanding by approximately 15.5 million shares.
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