NCL prices upsized $950M 8.750% notes due 2031; redeems 6.125% 2028 notes, lifts revolver to $2.8B

Norwegian Cruise Line Holdings Ltd.

NCLC closed $950.0M of 8.750% senior notes due 2031 on Oct 15, 2026, upsized from $750.0M; net proceeds ~$941.7M after initial purchasers' discount.
Proceeds plus cash on hand redeem all $525.0M of 6.125% senior notes due 2028, repay ~$376.3M of revolver borrowings and prepay ~$42.2M of export-credit debt.
Third ARCA amendment raised revolver commitments to $2,801.0M from $2,486.0M, maturing Jan 22, 2030 with leverage-based margins.
Pride of America Ship Holding and Norwegian Epic added as guarantors with their vessels as collateral; Norwegian Dawn and Norwegian Spirit released.
Notes pay interest semi-annually Apr 15 and Oct 15 starting Apr 15, 2027; make-whole callable before Oct 15, 2028, then at set prices.

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