By Abigail W. Adams
Portland, Me., May 6 – NCL Corp. Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd., priced an upsized $750 million of four-year exchangeable notes after the market close on Tuesday at par with a coupon of 6% and an initial conversion premium of 25%, according to a company news release.
Pricing came at the midpoint of talk for a coupon of 5.75% to 6.25% and at the rich end of talk for an initial exchange premium of 20% to 25%, according to a market source.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Barclays, Citigroup Global Markets Inc., Mizuho Securities USA Inc. and UBS Securities LLC were active bookrunners for the Rule 144A offering, which carries an upsized greenshoe of $112.5 million.
The initial size of the offering was $650 million with a greenshoe of $97.5 million.
The notes are exchangeable for series A preference shares of NCL Corp., which will be automatically exchangeable into Norwegian Cruise Line common shares.
The notes are non-callable.
There is dividend protection.
Concurrently with the convertible notes offering, the company also priced an upsized offering of $675 million 12¼% senior secured notes due 2024 at 99 to yield 12.575% and a secondary offering of 36,363,636 common shares, which priced at $11.00 per share.
Proceeds will be used for general corporate purposes.
NCL Corp. is a Miami-based cruise line.
Issuer: | NCL Corp Ltd.
|
Securities: | Exchangeable notes
|
Amount: | $750 million
|
Greenshoe: | $112.5 million
|
Maturity: | May 15, 2024
|
Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Barclays, Citigroup Global Markets Inc., Mizuho Securities USA Inc. and UBS Securities LLC
|
Coupon: | 6%
|
Price: | Par
|
Yield: | 6%
|
Conversion premium: | 25%
|
Conversion price: | $13.75
|
Conversion rate: | 72.7273
|
Call options: | None
|
Put options: | Upon a fundamental change
|
Pricing date: | May 5
|
Settlement date: | May 8
|
Distribution: | Rule 144A
|
Talk: | Coupon of 5.75% to 6.25% and initial exchange premium of 20% to 25%
|
Stock symbol: | NYSE: NCLH
|
Stock price: | $11.00 in concurrent offering
|
Market capitalization: | $2.4 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.