Norwegian Cruise Lines intends to price $1.1 billion notes in two tranches on Monday

By Paul A. Harris

Portland, Ore., March 1 – Norwegian Cruise Line Holdings Ltd. plans to sell $1.1 billion of unsecured notes (Caa1/B) in a Monday drive-by, according to market sources.

The deal includes a $550 million add-on to the NCL Corp. Ltd. 5 7/8% senior notes due March 15, 2026. Initial talk is 98 to 98.5. The notes have call protection until Dec. 15, 2025, whereupon they become callable at par.

The original $850 million issue priced in December 2020. NCL Corp. is a subsidiary of Norwegian Cruise Line Holdings.

The Miami-based cruise operator is also offering $550 million of new seven-year senior notes, in the market via NCL Finance, Ltd. Early guidance on the new notes is in the 6 5/8% area. The notes come with three years of call protection.

NCL Finance is a subsidiary of NCL Corp.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S deal.

Proceeds will be used to pay off two of NCL Corp.’s senior secured credit facilities, with the remainder to be used for general corporate purposes.

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