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

MT Newswires Live
Sep 09, 2025

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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