Norwegian Cruise Line Holdings Ltd. and NCL Corporation Ltd. Announce Additional Exchangeable Notes Refinancing Transaction

Norwegian Cruise Line Holdings Ltd. and NCL Corporation Ltd. Announce Additional Exchangeable Notes Refinancing Transaction

Benzinga
April 3, 2025

MIAMI, April 03, 2025 (GLOBE NEWSWIRE) -- Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) (the "Company") and NCL Corporation Ltd., a subsidiary of the Company ("NCLC"), announce that, in addition to the previously disclosed exchange entered into on April 1, 2025 (the "First Exchange"), NCLC has entered into individually negotiated note exchange agreements with certain existing holders (the "Holders") of NCLC's 5.375% Exchangeable Senior Notes due 2025 (the "2025 Notes"), pursuant to which NCLC and the Holders have agreed to exchange (the "Second Exchange" and together with the First Exchange, the "Exchange") $68,451,000 in aggregate principal amount of the Holders' 2025 Notes for (i) $68,451,000 in aggregate principal amount of NCLC's newly issued 0.875% Exchangeable Senior Notes due 2030 (the "2030 Notes") and (ii) an aggregate cash payment (the "Cash Payment") of $12,380,732, plus accrued and unpaid interest on the 2025 Notes to be exchanged to, but excluding, the closing date of the Second Exchange. The Cash Payment will be equal to the proceeds from the concurrent Second Equity Offering, as described below, and represents the remainder of NCLC's exchange obligation in excess of the aggregate principal amount of the 2025 Notes to be exchanged.

Concurrently, in addition to the previously disclosed registered direct offering made on April 1, 2025 (the "First Equity Offering"), the Company announces a registered direct offering of 649,565 ordinary shares to the Holders at a price of $19.06 per share (the "Second Equity Offering" and together with the First Equity Offering and the Exchange, the "Transactions"). The Company expects to use the proceeds from the Second Equity Offering to make the Cash Payment.

The closing of the Transactions is expected to occur on or about April 7, 2025, subject to customary closing conditions. Following the ...

https://www.benzinga.com/pressreleases/25/04/g44626163/norwegian-cruise-line-holdings-ltd-and-ncl-corporation-ltd-announce-additional-exchangeable-notes-

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