secwatch.observer — SEC 8-K summary
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Issuer:     NCL CORP Ltd. (—)
CIK:        0001318742
Form:       8-K
Filed at:   2026-10-15T20:36:15+00:00
Accession:  0001104659-26-116266
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 8.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1318742/000110465926116266/0001104659-26-116266-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1318742/000110465926116266/tm2627516d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-116266

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