NCL Corporation Ltd. Announces Proposed Offering of Senior Notes
NCL (NCLC), a subsidiary of Norwegian Cruise Line Holdings (NYSE: NCLH), has announced a proposed private offering of $315.0 million in senior notes due 2030. The offering is exempt from Securities Act registration requirements and is only available to qualified institutional buyers and non-U.S. investors. NCLC plans to use the net proceeds, along with cash on hand, to redeem $315.0 million of its 3.625% Senior Notes due 2024. The redemption is contingent on the completion of the new notes offering. This move suggests a refinancing strategy to manage NCLC's debt structure, potentially taking advantage of current market conditions or preparing for future financial needs.
NCL (NCLC), una controllata di Norwegian Cruise Line Holdings (NYSE: NCLH), ha annunciato un'offerta privata proposta di 315,0 milioni di dollari in note senior con scadenza nel 2030. L'offerta è esente dai requisiti di registrazione della Securities Act ed è disponibile solo per acquirenti istituzionali qualificati e investitori non statunitensi. NCLC prevede di utilizzare i proventi netti, insieme alla liquidità disponibile, per riscattare 315,0 milioni di dollari delle sue note senior al 3,625% con scadenza nel 2024. Il riscatto è soggetto al completamento dell'offerta delle nuove note. Questa mossa suggerisce una strategia di rifinanziamento per gestire la struttura del debito di NCLC, potenzialmente approfittando delle attuali condizioni di mercato o preparando esigenze finanziarie future.
NCL (NCLC), una subsidiaria de Norwegian Cruise Line Holdings (NYSE: NCLH), ha anunciado una oferta privada propuesta de 315,0 millones de dólares en notas senior con vencimiento en 2030. La oferta está exenta de los requisitos de registro de la Securities Act y está disponible solo para compradores institucionales calificados e inversores no estadounidenses. NCLC planea utilizar los ingresos netos, junto con efectivo disponible, para redimir 315,0 millones de dólares de sus Notas Senior al 3,625% con vencimiento en 2024. La redención depende de la finalización de la oferta de las nuevas notas. Este movimiento sugiere una estrategia de refinanciamiento para gestionar la estructura de deuda de NCLC, aprovechando potencialmente las condiciones actuales del mercado o preparándose para necesidades financieras futuras.
NCL (NCLC)는 Norwegian Cruise Line Holdings (NYSE: NCLH)의 자회사로, 2030년에 만기가 돌아오는 3억 1500만 달러 규모의 선순위 채권을 사모로 발행하겠다고 발표했습니다. 이번 발행은 증권법 등록 요건에서 면제되며, 자격 있는 기관 투자자 및 비미국 투자자에게만 제공됩니다. NCLC는 순수익을 현금과 함께 사용하여 2024년에 만기가 돌아오는 3.625%의 선순위 채권 3억 1500만 달러를 상환할 계획입니다. 상환은 새 채권 발행 완료에 조건부입니다. 이 조치는 NCLC의 채무 구조 관리를 위한 재융자 전략을 시사하며, 현재 시장 상황을 이용하거나 미래의 재정적 필요를 대비할 수 있습니다.
NCL (NCLC), une filiale de Norwegian Cruise Line Holdings (NYSE: NCLH), a annoncé une offre privée proposée de 315 millions de dollars en obligations senior arrivant à échéance en 2030. L'offre est exemptée des exigences d'enregistrement de la loi sur les valeurs mobilières et n'est destinée qu'aux acheteurs institutionnels qualifiés et aux investisseurs non américains. NCLC prévoit d'utiliser les produits nets, avec les liquidités disponibles, pour racheter 315 millions de dollars de ses obligations senior de 3,625 % arrivant à échéance en 2024. Le rachat est conditionné à la réalisation de la nouvelle offre d'obligations. Cette initiative suggère une stratégie de refinancement pour gérer la structure de la dette de NCLC, tirant peut-être parti des conditions actuelles du marché ou se préparant à des besoins financiers futurs.
NCL (NCLC), eine Tochtergesellschaft von Norwegian Cruise Line Holdings (NYSE: NCLH), hat ein vorgeschlagenes privates Angebot über 315,0 Millionen Dollar an vorrangigen Anleihen mit Fälligkeit im Jahr 2030 bekannt gegeben. Das Angebot ist von den Anforderungen der Wertpapiergesetzgebung zur Registrierung ausgenommen und steht nur qualifizierten institutionellen Käufern sowie nicht-amerikanischen Investoren zur Verfügung. NCLC plant, die Nettoeinnahmen zusammen mit vorhandenen liquiden Mitteln zu nutzen, um 315,0 Millionen Dollar ihrer 3,625%-vorrangigen Anleihen mit Fälligkeit 2024 einzulösen. Die Einlösung ist an den Abschluss des neuen Anleiheangebots gebunden. Dieser Schritt deutet auf eine Refinanzierungsstrategie hin, um die Verschuldungsstruktur von NCLC zu verwalten, möglicherweise unter Ausnutzung der derzeitigen Marktbedingungen oder um sich auf zukünftige finanzielle Bedürfnisse vorzubereiten.
- Refinancing $315 million of debt due in 2024 with new notes due in 2030, potentially improving debt maturity profile
- Offering to qualified institutional buyers, which may indicate strong investor interest
- Potential increase in interest expenses if new notes carry a higher interest rate than the 3.625% 2024 Senior Notes
- Continued reliance on debt financing, which may impact the company's financial flexibility
NCL 's proposed
However, investors should note that this is essentially a debt swap rather than a reduction in overall leverage. The impact on the company's balance sheet will depend on the interest rate of the new notes, which hasn't been disclosed. If the new rate is lower, it could result in interest expense savings, positively affecting future cash flows.
The private offering to qualified institutional buyers suggests a targeted approach, potentially expediting the process and avoiding public market volatility. Overall, this refinancing effort indicates proactive financial management, but its true value will hinge on the undisclosed terms of the new notes.
This debt refinancing move by NCL reflects broader trends in the cruise industry. As the sector continues to recover from pandemic-related disruptions, companies are focusing on optimizing their capital structures to better position themselves for future growth and potential headwinds.
The timing of this offering is noteworthy. With interest rates potentially stabilizing after a period of increases, NCLC may be capitalizing on a window of opportunity to secure more favorable long-term financing. This could be seen as a vote of confidence in the company's future prospects and the cruise industry's recovery trajectory.
Investors should monitor how this refinancing compares to similar moves by competitors. If NCLC secures better terms, it could provide a competitive advantage in terms of financial flexibility and future investment capacity. However, the success of this strategy will ultimately depend on the cruise market's continued recovery and NCLC's ability to generate strong cash flows to service its debt obligations.
MIAMI, Sept. 03, 2024 (GLOBE NEWSWIRE) -- NCL Corporation Ltd. (“NCLC”), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH), announced today that it is proposing to sell
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
FAQ
What is the purpose of NCLC's proposed $315 million senior notes offering?
How will the proposed notes offering affect Norwegian Cruise Line Holdings' (NCLH) balance sheet?
Who is eligible to participate in NCLC's $315 million senior notes offering?
Will the new senior notes offered by NCLC be registered under the Securities Act?
