By Wendy Van Sickle
Columbus, Ohio, Feb. 27 – NCL Corp. Ltd. issued $250 million of 9.75% senior secured notes due Feb. 22, 2028 to funds managed by affiliates of Apollo Global Management on Feb. 22, subject to an issue fee of 2%, according to an 8-K filing with the Securities and Exchange Commission.
The issuer plans to use the proceeds for general corporate purposes.
The notes were issued under a commitment letter dated Feb. 22 under which the Apollo funds have agreed to purchase up to $650 million of senior secured notes from NCL.
The issuer may redeem the notes in whole or in part at any time and from time to time prior to Feb. 22, 2025 at a make-whole price plus accrued interest and thereafter at prices specified in the indenture plus accrued interest.
On Feb. 23, NCL entered into a backstop agreement with Morgan Stanley & Co. LLC under which NCL has agreed to provide backstop committed financing to refinance amounts outstanding under NCL’s senior secured credit facility that are coming due in January 2024. Under the backstop agreement, NCL may sell Morgan Stanley five-year senior unsecured notes up to an amount sufficient to generate gross proceeds of $300 million between Oct. 4, 2023 and Jan. 2, 2024.
NCL is a subsidiary of Norwegian Cruise Line Holdings Ltd., a Miami-based cruise company.
| Issuer: | NCL Corp. Ltd.
|
| Issue: | Senior secured notes
|
| Amount: | $250 million
|
| Coupon: | 9.75%
|
| Maturity date: | Feb. 22, 2028
|
| Call option: | Make-whole call in whole or in part until Feb. 22, 2025, then callable at prices specified in indenture
|
| Purchaser: | Funds managed by affiliates of Apollo Global Management
|
| Issue date: | Feb. 22
|
|
|
© 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.
