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Norwegian plans private $680m notes offer to fund Prestige buy

Norwegian plans private $680m notes offer to fund Prestige buy

Update: Moody's Investors Service has rated the notes.  Norwegian Cruise Line is proposing to issue $680m in senior unsecured notes due 2019 in a private offering. The proceeds will fund a portion of the purchase price for the $3.025bn acquisition of Prestige Cruises International, including assumption of debt.

Norwegian intends to finance the remaining portion of the Prestige acquisition, and to refinance Prestige's Oceania Cruises and Regent Seven Seas Cruises credit facilities and discharge Prestige's Regent senior secured notes using $1.05bn of borrowings under two new term loan facilities, available cash and an additional share issuance.

The offering and the new term loans are to close with the Prestige acquisition, expected in mid-November.

The $680m notes are being offered only to qualified institutional investors outside the Uniited States in a transaction that is exempt from US Securities and Exchange filing requirements.

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