| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers N > Headlines for NCL Corp. > News item |
Norwegian Cruise partial greenshoe ups exchangeables to $450 million
By Wendy Van Sickle
Columbus, Ohio, July 30 – Norwegian Cruise Line Holdings Ltd. subsidiary NCL Corp. Ltd. said the initial purchasers for its 5.375% five-year exchangeable notes have given notice of their intent to purchase an additional $50 million of the notes through a partial exercise of the deal’s $60 million greenshoe, according to a news release.
The partial greenshoe will increase the total deal size to $450 million.
As previously reported, the company priced $400 million of the exchangeable notes with a 25% initial exchange premium on July 16.
The deal was initially talked at $250 million in size. Pricing came at the rich end of talked terms, which were for a coupon of 5.75% to 6.25% and an initial exchange premium of 20% to 25%.
The greenshoe was upsized from $37.5 million.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC were bookrunners of the Rule 144A deal.
The notes are exchangeable for series A preference shares of NCL Corp., which will be automatically exchangeable into Norwegian Cruise Line common shares.
The company also sold a $250 million secondary offering of 13.5 million shares at $15.00 per share and $675 million of senior secured straight notes due 2026. The straight notes are secured by a first-priority interest in, among other things, one of the company’s vessels.
The proceeds of both notes issues will be used to repay a $675 million senior secured revolving credit facility and to pay any related transaction fees and expenses, with the remainder of proceeds earmarked for general corporate purposes.
The exchangeables are non-callable, with no puts. There is standard takeover and dividend protection.
NCL is a Miami-based cruise line.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.