Norwegian’s NCL refinances $650 million backstop commitment with Apollo

Chicago, March 12 – Norwegian Cruise Line Holdings Ltd. subsidiary NCL Corp. amended and restated its backstop commitment letter with Apollo Funds for up to $650 million of senior notes with a five-year tenor, according to an 8-K filing with the Securities and Exchange Commission.

Availability is through March 2025 and will be subject to a one-time structuring fee of 50 basis points and a quarterly commitment fee of 75 bps.

If drawn, there will be a 50-bps issue fee, and interest will be the greater of the interest rate of Norwegian’s 7¾% senior notes due 2029 or the then-current secondary trading yield for those notes, plus 200 bps.

The amendment changed the commitment to unsecured from secured.

The company’s repayment of its highest interest rate debt, its 9¾% senior secured notes due 2028, contributed to the refinancing.

The cruise line is based in Miami.

© 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.