---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-032647"
form_type: "8-K"
ticker: null
cik: "0001318742"
company_name: "NCL CORP Ltd."
filed_at: "2025-04-07T23:59:59+00:00"
generated_at: "2026-05-23T19:30:15.870974+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# NCLC exchanges $353.9M of 5.375% notes for 0.875% notes due 2030 plus $64M cash

## Summary
- Exchanged $353,876,000 of 5.375% Exchangeable Senior Notes due 2025 for same principal of new 0.875% notes due 2030.
- Issued $64,005,553 cash payment from parent NCLH's equity offering of 3,358,098 shares at $19.06 per share.
- New notes mature April 15, 2030; interest payable semi-annually at 0.875%.
- Initial exchange rate of 38.1570 ordinary shares per $1,000 principal; premium ~37.5% over equity offering price.
- NCLC may redeem notes after April 20, 2028 if stock price ≥130% of exchange price for 20 of 30 trading days.

## SEC filing metadata
- accession: 0001104659-25-032647
- form_type: 8-K
- cik: 0001318742
- company_name: NCL CORP Ltd.
- filed_at: 2025-04-07T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1318742/000110465925032647/0001104659-25-032647-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1318742/000110465925032647/tm2511598d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-032647
- JSON: https://secwatch.observer/filing/0001104659-25-032647.json
- Plain text: https://secwatch.observer/filing/0001104659-25-032647.txt

## Key facts
- Debt Financings
  NCL CORP Ltd. incurred convertible notes of $353,876,000 with U.S. Bank Trust Company, National Association at 0.875% per year maturing April 15, 2030.
  - Instrument: convertible notes
  - Principal: $353,876,000
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 0.875% per year
  - Maturity: April 15, 2030
  - Event: incurrence
  source text: On April 7, 2025, NCL Corporation Ltd. (“NCLC”) closed its previously announced exchanges (collectively, the “Exchange”) of $353,876,000 in aggregate principal amount of NCLC’s 5.375% Exchangeable Senior Notes due 2025 (the “2025 Notes”) held by certain institutional investors (collectively, the “Holders”) for (i) $353,876,000 in aggregate principal amount of NCLC’s newly issued 0.875% Exchangeable Senior Notes due 2030 (the “2030 Notes”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1318742/000110465925032647/0001104659-25-032647-index.htm

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