NCL CORP Ltd.: debt financing — NCLH orders 8 new cruise ships across three brands, plans $150M pier at Great Stirrup Cay

NCL CORP Ltd.

Orders 8 ships: 4 for Norwegian Cruise Line (~200k GT, 5,000 guests each), 2 Oceania (86k GT, 1,450 guests), 2 Regent (77k GT, 850 guests); deliveries 2026-2036.
Secures export credit financing for Oceania and Regent ships (80% of contract price); NCL order subject to financing.
Enters four SACE-insured credit facilities on April 4, 2024: up to €724M per vessel for two ships, €652.8M for two others; SOFR + 2.10% margin, 12-year maturity.
Plans $150M multi-ship pier at Great Stirrup Cay (Bahamas) with groundbreaking Summer 2024, completion late 2025.
Expects Net Leverage reduction of 1.5 turns by end-2024 relative to 2023 and continued annual reduction.

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

NCL CORP Ltd. incurred credit facility of up to (i) €724,000,000 (or its Dollar equivalent) for Vessel 1 and Vessel 2 and (ii) €652,800,000 (or its Dollar equival with Crédit Agricole Corporate and Investment Bank at six-month Term SOFR with a zero floor plus a margin of 2.10% per annum maturing the twelfth anniversary of the delivery date of the relevant Ship.

Instrument: credit facility
Principal: up to (i) €724,000,000 (or its Dollar equivalent) for Vessel 1 and Vessel 2 and (ii) €652,800,000 (or its Dollar equival
Counterparty: Crédit Agricole Corporate and Investment Bank
Rate: six-month Term SOFR with a zero floor plus a margin of 2.10% per annum
Maturity: the twelfth anniversary of the delivery date of the relevant Ship
Event: incurrence

Exact text from the filing

acilities”) with Crédit Agricole Corporate and Investment Bank, as facility agent, ECA agent and security agent, and certain

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

NCL CORP Ltd. entered into Credit Facilities with Crédit Agricole Corporate and Investment Bank, as facility agent, ECA agent and security agent, and certain banks and financial institutions valued at €724,000,000 (or its Dollar equivalent) for Vessel 1 and Vessel 2 and €652,800,000 (or its Dollar eq (effective 2024-04-04).

Action: entry
Agreement: credit facility
Counterparty: Crédit Agricole Corporate and Investment Bank, as facility agent, ECA agent and security agent, and certain banks and financial institutions
Value: €724,000,000 (or its Dollar equivalent) for Vessel 1 and Vessel 2 and €652,800,000 (or its Dollar eq
Effective: 2024-04-04

Exact text from the filing

On April 4, 2024, NCL Corporation Ltd. (“NCLC”), as guarantor, and its subsidiaries Oceania Next I, LLC, Oceania Next II, LLC, DaVinci One, LLC and DaVinci Two, LLC, as applicable, as borrowers, entered into separate credit facility agreements (collectively, the “Credit Facilities”) with Crédit Agricole Corporate and Investment Bank, as facility agent, ECA agent and security agent, and certain banks and financial institutions from time to time party thereto as lenders and joint mandated lead arrangers, for the financing of four new cruise vessels

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

Source: SEC EDGAR

accession 0001104659-24-044763

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