NCLH exchanges $285M of 5.375% notes for 0.875% notes due 2030 plus equity offering

Norwegian Cruise Line Holdings Ltd.

Exchanged $285.4M of 5.375% exchangeable notes due 2025 for new 0.875% notes due 2030 plus $51.6M cash payment.
Concurrent equity offering of 2.7M shares at $19.06 per share to fund cash payment; Barclays acting as placement agent.
Transaction expected to close April 7, 2025; leverage neutral and reduces fully diluted shares by ~12.5M.
Initial exchange price of new notes is $26.21/share, a 37.5% premium above equity offering price.
About $164.6M of original 2025 notes remain outstanding after the exchange.

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