NCL Corporation proposes $750M senior notes offering due 2031

NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH), announced a proposed private offering of $750.0 million in aggregate principal amount of senior notes due 2031.

According to the company's statement, the notes will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S of the Securities Act of 1933. The notes will not be registered under the Securities Act.

NCL Corporation said it plans to use the proceeds, along with cash on hand, for three purposes: to redeem all outstanding 6.125% Senior Notes due 2028 issued by NCL Finance Ltd., a subsidiary of NCL Corporation; to repay approximately $176.3 million in borrowings under its existing senior secured revolving loan facility; and to prepay approximately $42.2 million in borrowings under its export-credit backed financing facilities. The redemption of the 2028 notes is conditioned on the completion of the offering.

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