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Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company that operates some of the most recognized brands in cruise travel: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With a fleet of 32 ships and approximately 66,500 berths, the company offers diverse itineraries to nearly 700 destinations worldwide. Over its 48-year history, Norwegian Cruise Line has introduced freestyle cruising, a concept that gives guests greater flexibility and transformed the cruise industry.
Operations and Fleet
Norwegian Cruise Line operates 13 purpose-built freestyle cruising ships, providing guests with a relaxed, resort-style vacation on contemporary ships. Oceania Cruises is renowned for its culinary and destination-focused experiences on eight small, luxurious ships. Regent Seven Seas Cruises offer all-inclusive, ultra-luxury voyages on five elegant ships. The company plans to introduce 13 additional ships across its brands by 2036, adding approximately 41,000 berths to its capacity.
Achievements and Recent Projects
Norwegian Cruise Line has been recognized as “Europe’s Leading Cruise Line” for seven consecutive years and “Caribbean’s Leading Cruise Line” three times by the World Travel Awards. The company recently added the Norwegian Getaway, a 4,000-passenger ship homeported year-round in Miami, featuring 28 dining options.
Oceania Cruises has announced a free pre-cruise hotel stay offer for select sailings through late 2024 and 2025, enhancing guest convenience and enriching their travel experience. Additionally, Oceania introduced celebrated Chef Giada De Laurentiis as its Brand and Culinary Ambassador, further solidifying its commitment to offering The Finest Cuisine at Sea®.
Financial and Strategic Developments
Norwegian Cruise Line Holdings has a disciplined multi-year de-leveraging plan and strategic initiatives focusing on fleet expansion and sustainability. The company’s latest initiative, the “Charting the Course” strategy, aims to enhance shareholder returns by improving guest experiences, capitalizing on high-growth opportunities, and driving operational excellence.
In 2024, the company is increasing its financial guidance, expecting Net Yield growth from 6.4% to 7.2%, Adjusted EBITDA from $2.25 billion to $2.30 billion, and Adjusted EPS from $1.32 to $1.42. The company continues to focus on sustainability with initiatives to reduce greenhouse gas emissions and advance towards decarbonization.
Partnership with Fincantieri will see the construction of eight new transformational ships across its brands, emphasizing innovation, efficiency, and sustainability. Additionally, infrastructure enhancements are planned for Great Stirrup Cay, the company’s private island in the Bahamas, to accommodate increased capacity and enhance guest experience.
Conclusion
Norwegian Cruise Line Holdings Ltd. remains a pivotal player in the cruise industry, known for its innovative approach and commitment to providing exceptional vacation experiences. As the company expands its fleet and enhances its offerings, it continues to set industry standards for luxury, sustainability, and guest satisfaction.
NCL Corporation Ltd. (NCLC), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NCLH), has priced $750 million of 10.250% senior secured notes due 2026, increasing from $675 million. Additionally, $400 million of 5.375% exchangeable senior notes due 2025 were also priced, raised from $250 million. The net proceeds will be utilized for repaying debt and general corporate purposes. The offerings are set to close on July 21, 2020, and are exempt from registration under the Securities Act.
NCL Corporation Ltd. (a subsidiary of Norwegian Cruise Line Holdings Ltd.) plans to issue $675 million in senior secured notes due 2026 and $250 million in exchangeable senior notes due 2025, with an option for an additional $37.5 million. The proceeds will primarily be used to repay a revolving credit facility and cover related fees. The notes are offered privately, exempt from Securities Act registration, and will be secured by a priority interest in a vessel. The exchangeable notes are convertible into preference shares, which will be exchangeable for ordinary shares of NCLH.
Norwegian Cruise Line Holdings Ltd. (NCLH) has initiated an underwritten public offering of $250 million in ordinary shares, with an additional $37.5 million option for underwriters. The net proceeds will be allocated for general corporate purposes. The offering is made under an automatic shelf registration statement with the SEC. Joint book-running managers include J.P. Morgan, Citigroup, and Goldman Sachs. This announcement highlights NCLH's strategy to bolster liquidity amidst ongoing challenges in the cruise industry, particularly due to the COVID-19 pandemic.
Norwegian Cruise Line Holdings (NYSE: NCLH) appointed Scott Dahnke as an independent director effective July 14, 2020. Dahnke, the Global co-CEO of L Catterton, brings extensive experience in private equity and consumer brands. His insights are expected to enhance the Board's capabilities. Norwegian’s Chairman and CEO emphasized Dahnke's strong leadership and background in finance and management, which aligns with the company's innovation in cruise travel. Norwegian operates 28 ships and plans to expand its fleet by nine ships by 2027.
Norwegian Cruise Line Holdings (NCLH) announced an extension of its global cruise suspension, impacting all voyages scheduled between August 1 and September 30, 2020. This decision excludes Seattle-based Alaska itineraries in September and includes select cancellations through October 2020 due to ongoing travel and port restrictions. The company continues to work with health authorities to ensure safety. Guests affected by the cancellations are advised to contact their travel advisor for further information.
NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd. (NCLH), has successfully closed a private placement of $400 million in exchangeable senior notes due 2026 to an affiliate of L Catterton. The funds raised will support general corporate purposes. The notes, guaranteed by NCLH, are exchangeable into Series A Preference Shares and subsequently into ordinary shares of NCLH at an initial exchange price of $12.10 per share. Goldman Sachs acted as the placement agent. This transaction aims to enhance the company’s financial flexibility amid ongoing challenges.
Norwegian Cruise Line Holdings (NYSE: NCLH) will announce its first quarter 2020 financial results on May 14, 2020, at 7:00 a.m. Eastern Time, followed by a conference call at 10:00 a.m. Eastern Time. The call will be webcast on the Company’s Investor Relations website, and a replay will be available for 30 days. Norwegian Cruise Line Holdings operates brands including Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, with a fleet of 28 ships and plans to introduce nine new ships by 2027.
NCL Corporation Ltd. (subsidiary of Norwegian Cruise Line Holdings Ltd., NYSE: NCLH) has priced $750 million in 6.00% exchangeable senior notes due 2024, increased from $650 million. An option for an additional $112.5 million is available until May 20, 2020. The notes, convertible into Series A Preference Shares of NCLC, have an initial exchange price of approximately $13.75, a 25% premium to NCLH's recent share price. Additionally, $675 million in 12.25% senior secured notes due 2024 were also priced, with proceeds aimed at general corporate purposes.
The Norwegian Cruise Line Holdings Ltd. (NCLH) has announced a public offering of 36,363,636 ordinary shares at $11.00 each, raising approximately $400 million, up from a prior estimate of $350 million. An additional option allows underwriters to purchase 5,454,545 shares before June 6, 2020. The offering is set to close on May 8, 2020, pending standard conditions, with proceeds allocated for general corporate purposes. Major financial institutions are managing the offering under an automatic shelf registration statement filed with the SEC.
NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd. (NCLH), has announced a private placement of up to $400 million in exchangeable senior notes due 2026, aimed at strengthening its financial position amid industry challenges. The notes will accrue interest at 7.0% for the first year, transitioning to a mix of payment-in-kind and cash payments thereafter. L Catterton will also gain board representation, contingent on ownership thresholds. The deal underscores L Catterton's confidence in the cruise industry's resilience and long-term growth prospects.
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