The $781.1m net proceeds, together with cash on hand, were used to repay all the term loans outstanding under the company's senior secured credit facility.
The notes and related guarantees are secured by first-priority interests in 14 ships that also secure NCLH's senior secured credit facility and 8.375% senior secured notes due 2028. The notes will be guaranteed by subsidiaries that own the ships.
Early redemption options
The company may elect to redeem the notes, in whole or in part, before Jan. 15, 2026, at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus an applicable 'make-whole' amount, and interest.
In addition, at any time and from time to time prior to Jan. 15, 2026, NCLH may redeem up to 40% of the notes with the net proceeds of certain equity offerings at a redemption price equal to 108.125% of the principal amount plus interest, so long as at least 60% of the aggregate principal amount of the notes issued remains outstanding following such redemption.
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