Norwegian Cruise Line enters into $675 million of revolving loans

By Sarah Lizee

Olympia, Wash., March 9 – Norwegian Cruise Line Holdings Ltd. entered into a credit agreement through subsidiaries NCL Corp. Ltd. and Norwegian Epic, Ltd. with JPMorgan Chase Bank, NA as administrative agent on Thursday, providing for $675 million of revolving loans, according to an 8-K filing with the Securities and Exchange Commission.

The company said it entered into the new credit agreement to secure additional liquidity in light of the continued uncertainty surrounding the Covid-19 coronavirus.

The facility will mature March 4, 2021.

Interest is Libor plus 80 basis points. There is also a commitment fee under the revolver.

As of Monday, no borrowings were drawn under this credit agreement nor the company’s other $875 million senior secured revolver, resulting in availability under these revolving credit agreements of $1.55 billion.

Norwegian Cruise Line is a Miami-based cruise company.

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