NCL Corp prices upsized $950M 8.750% notes due 2031; revolver raised to $2.801B

NCL CORP Ltd.

$950.0M 8.750% senior notes due 2031 priced and closed Oct 15, 2026, upsized from $750.0M; net proceeds ~$941.7M before fees; interest paid each Apr 15 and Oct 15.
Proceeds plus cash redeemed all 6.125% notes due 2028 ($525.0M issued March 3, 2021 by NCL Finance), repaid ~$376.3M of revolver borrowings and prepaid ~$42.2M of export-credit debt.
Third ARCA amendment lifted revolver commitments to $2,801.0M from $2,486.0M; matures Jan 22, 2030, but springing maturity to Nov 17, 2026 if 2027 exchangeable notes are not refinanced.
Revolver margins set at 0.00%-1.00% over ABR and 1.00%-2.00% over adjusted SOFR, plus 0.15%-0.30% unused commitment fee, tied to leverage ratio.
Guarantors changed: Pride of America Ship Holding LLC and Norwegian Epic, Ltd. added with their vessels as collateral; Norwegian Dawn Limited and Norwegian Spirit, Ltd. released.

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