NCL Corporation Secures $2.05 Billion Through Senior Notes
Miami, Tuesday, 9 September 2025.
NCL Corporation announced a $2.05 billion senior notes offering to restructure its debt portfolio, maintaining a leverage-neutral position as it navigates post-pandemic recovery.
NCL Corporation’s Strategic Financial Move
On September 8, 2025, NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH), announced the pricing of $2.05 billion in senior notes. This move is part of the company’s strategy to optimize its capital structure and enhance liquidity as it recovers from the pandemic’s impact on the cruise industry [1][2].
Details of the Senior Notes Offering
The offering includes $1.2 billion of 5.875% senior notes due in 2031 and $850 million at 6.250% due in 2033. The proceeds from this issuance are intended to fund a tender offer for the company’s 5.875% senior notes due 2026 and its 5.875% senior secured notes due 2027. Additionally, the funds will be used to redeem all of the 2026 and 2027 notes not accepted for purchase, as well as the 8.125% senior secured notes due 2029 [1][3][4].
Impact and Future Plans
NCL Corporation aims for this transaction to be leverage-neutral, focusing on managing debt maturities effectively. The offering is expected to close on September 17, 2025, subject to customary closing conditions. This financial maneuver is indicative of the company’s confidence in its recovery trajectory and its commitment to maintaining financial stability [2][4].
Market and Investor Considerations
The senior notes are being offered exclusively to qualified institutional buyers and non-U.S. investors, complying with regulatory standards under Rule 144A of the Securities Act and Regulation S. This strategic targeting of institutional investors underscores NCL Corporation’s focus on securing stable financing while adhering to compliance norms [1][3][5].