Norwegian Cruise Line's NCL Unit Prices Offerings of Senior Notes, Exchangeable Notes

MT Newswires Live
2025/09/09

Norwegian Cruise Line's (NCLH) NCL subsidiary said Tuesday that it has priced an upsized $1.3 billion private offering of 0.750% exchangeable senior notes due 2030.

Initial purchasers were granted a 13-day option to buy up to an additional $107 million in notes. The offering is expected to close on Thursday. The company said it increased the exchangeable senior notes offering by $100 million.

On Monday, NCL also priced a private offering of $1.2 billion of 5.875% senior notes due 2031 and another $850 million of 6.250% senior notes due 2033.

The company said it will use net proceeds, along with cash on hand, to fund a separate tender offer for its 5.875% senior notes due 2026, 5.875% senior secured notes due 2027, and redeem all of the 2026 and 2027 notes that are not purchased.

NCL also said it will redeem its 8.125% senior secured notes due 2029, and pay related interest and fees. It expects to close the offering on Sept. 17.

Separately, Norwegian Cruise Line said Tuesday it priced a direct offering of about 3.3 million shares at $24.53 per share. The offering is expected to close on Thursday and open to certain holders of NCL's 1.125% exchangeable senior notes due 2027 and 2.5% exchangeable senior notes due 2027.

The cruise operator said it plans to use the proceeds, together with proceeds of NCL's offering of 2030 exchangeable senior notes, to repurchase a portion of NCL's 2027 exchangeable notes.

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