By Paul A. Harris
Portland, Ore., Dec. 15 – NCL Corp. Ltd. priced an upsized $850 million issue of 5.25-year senior bullet notes (B) at par to yield 5 7/8% in a Tuesday drive-by, according to market sources.
The issue size increased from $500 million.
The yield printed 12.5 basis points tighter than the 6% to 6¼% price talk. The deal, which was initially talked in the 6¾% area, was heard to be four-times oversubscribed in the early going on Tuesday, a trader said.
J.P. Morgan Securities LLC was the lead.
The Miami-based cruise line plans to use proceeds from the Rule 144A and Regulation S deal for general corporate purposes.
| Issuer: | NCL Corp. Ltd.
|
| Amount: | $850 million, increased from $500 million
|
| Tenor: | 5.25 years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Call protection: | Non-callable
|
| Trade date: | Dec. 15
|
| Settlement date: | Dec. 18
|
| Rating: | S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Drive-by
|
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