NCL Pushes Maturity for Two of Its Loans

Miami-based cruise ship company Norwegian Cruise Line Holdings Ltd. has amended its existing senior secured credit facility by extending the maturity of its USD 625 million revolving credit and its USD 1.16 billion term loan from May 2018 to June 2021.

With this amendment, the amount of commitments under the company’s revolving facility increased from USD 625 million to USD 750 million and the amount outstanding under the term loan from USD 1.16 billion to USD 1.51 billion.

The proceeds from the increase in the term loan were used to prepay the entire outstanding principal amount of NCL’s USD 350 million senior secured term loan, “resulting in no change to the company’s total outstanding debt.”

Both facilities bear interest at LIBOR plus an applicable margin of between 1.50% and 2.25%, depending on the company’s leverage ratio. The USD 350 million senior secured term loan bore interest at LIBOR plus 3.25%.

“The refinancing of this facility further builds on our foundation for the future by strengthening our liquidity profile and extending the maturity,” said Wendy Beck, executive vice president and chief financial officer of Norwegian Cruise Line Holdings Ltd.

“Strong support from our bank syndicate enabled us to opportunistically upsize the transaction to prepay our USD 350 million term loan with a facility that has more favorable rates, thereby reducing interest expense,” Beck added.

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