NCL talks $680 million five-year secured notes to yield 5¼%-5½%

By Paul A. Harris

Portland, Ore., Nov. 5 – NCL Corp. talked $680 million of five-year senior secured notes (B2/BB-) to yield 5¼% to 5½%, according to a syndicate source.

Books are scheduled to close at noon ET on Wednesday but will remain open until 2 p.m. ET for accounts in Boston.

The Rule 144A and Regulation S deal is set to price thereafter.

Barclays, J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are the joint bookrunners. Credit Agricole CIB and DnB NOR Markets Inc. are the co-managers.

The notes come with two years of call protection and a two-year 40% equity clawback.

The Miami-based cruise-ship company and operator of Norwegian Cruise Line plans to use the proceeds from the note issue to finance its pending acquisition of Prestige Cruise Holdings.

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