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Norwegian Cruise Line Holdings priced its 8.75% private offering of $950m in senior notes due 2031.
The offering was upsized from the previously announced $750m.
The company intends to use the proceeds, together with cash on hand, to redeem all of its outstanding 6.125% senior notes due 2028, to repay approximately $176.3m of borrowings under its senior secured revolving loan facility and to prepay approximately $42.2m of borrowings under its export credit-backed financing facilities.
The redemption of the 2028 notes is conditional upon the consummation of the offering.
The offering is expected to close Oct. 15.
The notes are being offered only to qualified institutional investors outside the US.
In tandem to announcing the offering on Wednesday, NCLH updated its third quarter guidance to exceed its previous forecast, driven by better than expected revenue performance.
In late June NCLH forecast Q3 adjusted earnings per share of 90 cents and adjusted EBITDA of $874m. The company did not give specific updated figures for the quarter.
It also reaffirmed its full year 2026 EPS guidance of approximately $1.50.
