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

By Angela McDaniels

Tacoma, Wash., Feb. 5 - NCL Corp. Ltd. is offering to purchase for cash any and all of its $250 million outstanding 10 5/8% senior notes due 2014, according to a company news release.

Holders who tender will receive 101% of par plus accrued interest up to but excluding the settlement date.

The tender offer will expire at 12:01 a.m. ET on March 7.

If all holders accept, the tender offer will cost NCL $252.5 million plus accrued interest. The company said it plans to use cash on hand and funds available under its revolving credit facilities to finance the repurchase.

The tender offer is being held in connection with a change of control that occurred on Jan. 30, when Apollo Management, LP became a 50% owner of the company.

D.F. King & Co., Inc. (212 269-5550 for brokers and banks; 800 290-6426 for all others) is the information agent.

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.

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