---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-033277"
form_type: "8-K"
ticker: "NCLH"
cik: "0001513761"
company_name: "Norwegian Cruise Line Holdings Ltd."
filed_at: "2024-03-12T23:59:59+00:00"
generated_at: "2026-06-04T22:59:43.513622+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# NCLC refinances $650M backstop to unsecured, repays $250M secured notes; S&P upgrades to B+

## Summary
- Entered amended $650M unsecured backstop with Apollo Funds; rate = 7.75% 2029 notes yield + 200bps.
- Repaid all $250M 9.75% senior secured notes due 2028 in a privately negotiated repurchase on March 11.
- S&P upgraded NCLC issuer credit rating to B+; secured debt to BB/BB-, unsecured debt two notches to B.
- Stable outlook reflects expected higher revenue/EBITDA in 2024, no incremental ship delivery debt.
- CFO Mark Kempa says refinancing reduces interest costs and releases collateral, demonstrating deleveraging commitment.

## SEC filing metadata
- accession: 0001104659-24-033277
- form_type: 8-K
- ticker: NCLH
- cik: 0001513761
- company_name: Norwegian Cruise Line Holdings Ltd.
- filed_at: 2024-03-12T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 1.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1513761/000110465924033277/0001104659-24-033277-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1513761/000110465924033277/tm248194d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-033277
- JSON: https://secwatch.observer/filing/0001104659-24-033277.json
- Plain text: https://secwatch.observer/filing/0001104659-24-033277.txt

## Key facts
- Material Agreements
  Norwegian Cruise Line Holdings Ltd. terminated Secured Notes Indenture with the holders of the Secured Notes valued at NCLC repurchased all outstanding 9.75% Senior Secured Notes due 2028 in aggregate principal amount o (effective 2024-03-11).
  - Action: termination
  - Agreement: notes offering
  - Counterparty: the holders of the Secured Notes
  - Value: NCLC repurchased all outstanding 9.75% Senior Secured Notes due 2028 in aggregate principal amount o
  - Effective: 2024-03-11
  source text: On March 11, 2024, in connection with the settlement of the Repurchase, the Trustee cancelled the aggregate principal amount outstanding under the Secured Notes and confirmed that NCLC had satisfied and discharged its obligations under the Secured Notes Indenture.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1513761/000110465924033277/0001104659-24-033277-index.htm
- Material Agreements
  Norwegian Cruise Line Holdings Ltd. amended Third Amended and Restated Commitment Letter with funds managed by affiliates of Apollo Global Management (the Apollo Funds) valued at up to $650.0 million of senior unsecured notes due five years after the issue date (effective 2024-03-11).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: funds managed by affiliates of Apollo Global Management (the Apollo Funds)
  - Value: up to $650.0 million of senior unsecured notes due five years after the issue date
  - Effective: 2024-03-11
  source text: On February 23, 2024, NCL Corporation Ltd. (“NCLC”), a subsidiary of Norwegian Cruise Line Holdings Ltd., entered into a third amended and restated commitment letter (the “Amended Commitment Letter”) with funds managed by affiliates of Apollo Global Management (the “Apollo Funds”), which became effective on March 11, 2024 and which amends, restates and supersedes the second amended and restated commitment letter, dated February 22, 2023, among NCLC and the Apollo Funds.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1513761/000110465924033277/0001104659-24-033277-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.