NCL to hold change-of-control offer for 10 5/8% notes

By Angela McDaniels

Tacoma, Wash., Jan. 8 - NCL Corp. plans to make a change-of-control tender offer for its outstanding 10 5/8% senior notes due 2014, according to a company news release.

The change of control occurred on Tuesday when Apollo Management, LP became a 50% owner of the company. NCL received a $1 billion cash equity investment from the private equity group, and Apollo will name a majority of the company's board of directors.

The tender offer will be made within 30 days, and noteholders who tender will receive 101% of par plus accrued interest up to but excluding the repurchase date.

NCL is a Miami-based cruise line operator and the parent company of Norwegian Cruise Line and NCL America. The company was previously owned solely by Hong Kong-based cruise ship operator Star Cruises Ltd., which now holds a 50% stake.

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