NCL bookrunners partially exercise greenshoe for 2.5% exchangeables

Chicago, Feb. 23 – NCL Corp. Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd., announced that the initial purchasers for the company’s recently priced 2.5% exchangeable notes have partially exercised their over-allotment option, according to a press release.

The bookrunners have opted to buy another $38.175 million of the notes, from the $65 million greenshoe option that came with the deal.

NCL will accordingly issue a total of $473.175 million of the notes, including the original $435 million from the deal that priced on Feb. 10.

The notes have a five-year tenor and priced with an initial exchange premium of 52.5%, as previously reported.

Price talk, according to a market source, was for a coupon of 2.5% to 3% and an initial exchange premium of 47.5% to 52.5%.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Mizuho Securities USA Inc. were bookrunners for the Rule 144A offering.

Proceeds from the additional notes will be used to make principal payments on debt maturing in the short-term, including to pay any accrued and unpaid interest, as well as related premiums, fees and expenses.

The offering of the additional notes is expected to close on Feb. 25.

NCL Corp. is a Miami-based cruise line.

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