Norwegian Cruise Line Holdings Ltd. (NCLH): debt financing — Norwegian Cruise Line extends $1.4B credit facility maturity to January 2025

Norwegian Cruise Line Holdings Ltd.

Extended ~$1.4B of operating credit facility by one year to January 2025, with springing maturity if liquidity test fails.
Converted $631.8M term A-2 loans into term A-3 loans; $68M deferred term A-1 into deferred A-2; $591M revolver A into revolver C.
Issued $148.7M new term A-3 loans to repay deferred term A loans, deferred term A-1 loans, and part of term A-1 loans.
Interest: term A-3 at SOFR+1.00%-2.25%; deferred A-2 at SOFR+2.75%; replaced LIBOR with Term SOFR. New financial covenants: max debt-to-cap ratio steps down to 0.87x; min liquidity $250M.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Norwegian Cruise Line Holdings Ltd. incurred term loan of $148,731,250 maturing January 2, 2025.

Instrument: term loan
Principal: $148,731,250
Maturity: January 2, 2025
Event: incurrence

Exact text from the filing

certain existing lenders agreed to make new term A-3 loans in an aggregate amount of $148,731,250, the proceeds of which were used to fully repay the deferred term A loans, deferred term A-1 loans and term A loans and partially repay $92,419 of the term A-1 loans.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Norwegian Cruise Line Holdings Ltd. amended credit facility of approximately $1.4 billion with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent maturing January 2, 2025.

Instrument: credit facility
Principal: approximately $1.4 billion
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Maturity: January 2, 2025
Event: amendment

Exact text from the filing

Amendment No. 4 extended the maturities for approximately $1.4 billion of NCLC’s operating credit facility by one year to January 2025.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Norwegian Cruise Line Holdings Ltd. amended Amendment No. 4 to the Credit Agreement with JPMorgan Chase Bank, N.A. and the lenders party thereto valued at approximately $1.4 billion (effective 2022-12-06).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A. and the lenders party thereto
Value: approximately $1.4 billion
Effective: 2022-12-06

Exact text from the filing

On December 6, 2022, NCL Corporation Ltd. (“ NCLC ”), a subsidiary of Norwegian Cruise Line Holdings Ltd., entered into Amendment No. 4 to the Credit Agreement, by and among NCLC and Voyager Vessel Company, LLC, as borrowers (the “ Borrowers ”), the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent ( “ Amendment No. 4 ”), amending NCLC’s existing Fifth Amended and Restated Credit Agreement

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2 debt financings filed in the last 30 days. Browse all debt financings →

Norwegian Cruise Line Holdings Ltd. filing history →

Source: SEC EDGAR

accession 0001104659-22-125885

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