Underwriters get option for up to $37.5m additional shares
For the shares offering, NCLH intends to grant the underwriters an option to purchase up to $37.5m of additional ordinary shares.
JP Morgan Securities, Citigroup, Goldman Sachs & Co. LLC, Barclays, Mizuho Securities and UBS Investment Bank are acting as joint book-running managers.
The net proceeds are expected to be used for general corporate purposes.
NCLH closed at $18.50 Wednesday. Shares have traded in a range of $7.03 and $59.78 over the past 52 weeks.
$675m notes/$250m exchangeable notes
The senior secured notes are being offered only to qualified institutional buyers outside the United States.
The $675m notes and certain related guarantees will be secured by a first-priority interest in one of the company's ships.
Option for additional $37.5m in exchangeable notes
Regarding the $250m in exchangeable notes, NCLH plans to grant the initial purchasers an option to buy up to $37.5m additional exchangeable notes during a 13-day period beginning the first day the exchangeable notes are issued.
The exchangeable notes will be general senior unsecured obligations guaranteed by NCLH, and will be convertible at the holder’s option on the first business day immediately preceding the maturity date.
NCLH expects to use the net proceeds from the offerings of the secured notes and the exchangeable notes to repay its $675m senior secured revolving credit facility and any related transaction fees and expenses, with the remainder of the net proceeds to be used for general corporate purposes.