NCL Corporation Ltd. Announces Pricing of $315,000,000 of Senior Notes
NCL (NCLC), a subsidiary of Norwegian Cruise Line Holdings (NYSE: NCLH), has announced the pricing of $315 million aggregate principal amount of 6.250% senior notes due 2030. The notes are being offered in a private offering exempt from SEC registration requirements. The offering is expected to close on September 17, 2024, subject to customary conditions.
NCLC plans to use the net proceeds from this offering, along with cash on hand, to redeem $315 million aggregate principal amount of its 3.625% Senior Notes due 2024. This redemption is contingent upon the completion of the new notes offering. The notes are being offered only to qualified institutional buyers and non-U.S. investors, in compliance with SEC regulations.
NCL (NCLC), una sussidiaria di Norwegian Cruise Line Holdings (NYSE: NCLH), ha annunciato il prezzo di 315 milioni di dollari di importo principale aggregato di note senior al 6,250% con scadenza nel 2030. Le note vengono offerte in un'offerta privata esente dai requisiti di registrazione della SEC. L'offerta dovrebbe chiudersi il 17 settembre 2024, soggetta a condizioni normali.
NCLC prevede di utilizzare il ricavato netto di questa offerta, insieme alla liquidità disponibile, per riscattare 315 milioni di dollari di importo principale aggregato delle sue note senior al 3,625% con scadenza nel 2024. Questo riscatto è subordinato al completamento dell'offerta delle nuove note. Le note vengono offerte solo a compratori istituzionali qualificati e investitori non statunitensi, in conformità con le normative della SEC.
NCL (NCLC), una subsidiaria de Norwegian Cruise Line Holdings (NYSE: NCLH), ha anunciado el precio de 315 millones de dólares de monto principal agregado de notas senior al 6,250% con vencimiento en 2030. Las notas se ofrecen en una oferta privada exenta de los requisitos de registro de la SEC. Se espera que la oferta cierre el 17 de septiembre de 2024, sujeta a condiciones habituales.
NCLC planea utilizar los ingresos netos de esta oferta, junto con el efectivo disponible, para redimir 315 millones de dólares de monto principal agregado de sus notas senior al 3,625% con vencimiento en 2024. Esta redención está sujeta a la finalización de la oferta de nuevas notas. Las notas se ofrecen solo a compradores institucionales calificados e inversores no estadounidenses, de conformidad con las regulaciones de la SEC.
NCL (NCLC)는 노르웨이 크루즈라인 홀딩스 (NYSE: NCLH)의 자회사로, 2030년 만기 6.250% 선순위 채권 총액 3억 1,500만 달러의 가격을 발표했습니다. 이 채권은 SEC 등록 요건에서 면제되는 사적 제공으로 제공됩니다. 이 제공은 2024년 9월 17일에 완료될 것으로 예상되며, 일반적인 조건에 따릅니다.
NCLC는 이 제공에서의 순이익과 보유 현금을 사용하여 2024년 만기 3.625% 선순위 채권 총액 3억 1,500만 달러를 상환할 계획입니다. 이 상환은 새로운 채권 제공의 완료에 따라 달라집니다. 이 채권은 자격을 갖춘 기관 구매자와 비 미국 투자자에게만 제공되며 SEC 규정을 준수합니다.
NCL (NCLC), une filiale de Norwegian Cruise Line Holdings (NYSE: NCLH), a annoncé le prix de 315 millions de dollars de montant principal agrégé de bons senior à 6,250% échéant en 2030. Les bons sont offerts dans le cadre d'une offre privée exemptée des exigences d'enregistrement de la SEC. La clôture de l'offre est prévue pour le 17 septembre 2024, sous réserve des conditions habituelles.
NCLC prévoit d'utiliser les fonds nets de cette offre, ainsi que sa liquidité disponible, pour racheter 315 millions de dollars de montant principal agrégé de ses bons senior à 3,625% arrivant à échéance en 2024. Ce rachat est conditionné à l'achèvement de l'offre des nouveaux bons. Les bons ne sont offerts qu'aux acheteurs institutionnels qualifiés et aux investisseurs non américains, conformément aux réglementations de la SEC.
NCL (NCLC), eine Tochtergesellschaft von Norwegian Cruise Line Holdings (NYSE: NCLH), hat die Preisgestaltung von 315 Millionen US-Dollar aggregiertem Nennbetrag von 6,250% Wandelanleihen mit Fälligkeit 2030 bekannt gegeben. Die Anleihen werden in einer privaten Platzierung angeboten, die von den Anforderungen zur Registrierung bei der SEC befreit ist. Es wird erwartet, dass die Platzierung am 17. September 2024 abgeschlossen wird, vorbehaltlich üblicher Bedingungen.
NCLC plant, die Nettomittel aus dieser Platzierung zusammen mit vorhandenen Bargeldmitteln zu verwenden, um 315 Millionen US-Dollar aggregierten Nennbetrag seiner 3,625% Senior Notes mit Fälligkeit 2024 einzulösen. Diese Einlösung ist von der Vollziehung der neuen Anleihe-Ausgabe abhängig. Die Anleihen werden nur an qualifizierte institutionelle Käufer und Nicht-US-Investoren angeboten, in Übereinstimmung mit den SEC-Vorschriften.
- Successful pricing of $315 million in senior notes
- Higher interest rate of 6.250% on new notes may attract investors
- Refinancing of existing debt with longer-term notes due 2030
- Increased interest expense from 3.625% to 6.250% on refinanced debt
- Continued reliance on debt financing
Insights
NCL 's
However, this refinancing extends the debt maturity by 6 years, improving NCLC's liquidity position and reducing near-term financial pressure. It's a defensive move that provides financial flexibility, important in the volatile cruise industry. The higher interest rate reflects current market conditions and possibly NCLC's risk profile.
Investors should monitor how this impacts NCLC's interest coverage ratio and overall debt structure. The private offering to qualified institutional buyers suggests confidence in NCLC's creditworthiness among sophisticated investors.
This refinancing move by NCL signals a cautious outlook on the cruise industry's near-term prospects. By extending debt maturity, they're buying time for market conditions to improve, potentially anticipating continued challenges in the sector.
The
However, the successful pricing of the notes suggests there's still investor appetite for cruise industry debt, albeit at higher yields. This transaction may set a benchmark for other cruise lines looking to refinance, potentially impacting the entire sector's cost of capital.
MIAMI, Sept. 03, 2024 (GLOBE NEWSWIRE) -- NCL Corporation Ltd. (“NCLC”), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH), announced today that it has priced
The offering of the Notes is expected to close on September 17, 2024, subject to customary closing conditions. We intend to use the net proceeds from the Notes Offering, together with cash on hand, to redeem
The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors pursuant to Regulation S. The Notes will not be registered under the Securities Act or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release also shall not constitute an offer to purchase, a solicitation of an offer to sell, or notice of redemption with respect to the 2024 Senior Notes. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
Cautionary Statement Concerning Forward-Looking Statements
Some of the statements, estimates or projections contained in this press release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding the Notes Offering and the use of proceeds therefrom, may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. For a discussion of these risks, uncertainties and other factors, please refer to the factors set forth under the sections entitled “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in our most recently filed Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. These factors are not exhaustive and new risks emerge from time to time. There may be additional risks that we consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.
Investor Relations & Media Contact
Sarah Inmon
(786) 812-3233
InvestorRelations@nclcorp.com
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