By Paul A. Harris
Portland, Ore., May 5 – Norwegian Cruise Line Holdings Ltd. priced an upsized $675 million issue of 12¼% four-year senior secured bullet notes (Ba2/BB) at 99 to yield 12.575% in a Tuesday drive-by, according to syndicate source.
The notes were sold via subsidiary NCL Corp. Ltd.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Citizens Capital Markets Inc., Credit Agricole CIB, Mizuho Securities USA Inc., MUFG and UBS Securities LLC.
The issue size increased from $600 million.
The coupon came at the tight end of the 12¼% to 12½% coupon talk. The issue price came at the rich end of the 98.5 to 99 price talk.
The Miami-based cruise company plans to use the proceeds for general corporate purposes.
| Issuer: | NCL Corp. Ltd.
|
| Amount: | $675 million, increased from $600 million
|
| Maturity: | May 15, 2024
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co. LLC
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Citizens Capital Markets Inc., Credit Agricole CIB, Mizuho Securities USA Inc., MUFG and UBS Securities LLC
|
| Coupon: | 12¼%
|
| Price: | 99
|
| Yield: | 12.575%
|
| Spread: | 1,226 bps
|
| Call protection: | Par call three months prior to maturity, otherwise non-callable
|
| Trade date: | May 5
|
| Settlement date: | May 14
|
| Ratings: | Moody's: Ba2
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 12¼% to 12½% at 98.5 to 99
|
| Marketing: | Drive-by
|
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