Norwegian Cruise Line Holdings Ltd. Announces Registered Direct Offering of Ordinary Shares
Norwegian Cruise Line Holdings (NYSE:NCLH) has announced a registered direct offering of ordinary shares to certain holders of its subsidiary NCL Corporation's 1.125% and 2.50% Exchangeable Senior Notes due 2027. The company plans to use the proceeds from this equity offering, along with proceeds from a separate private offering of exchangeable senior notes due 2030, to repurchase a portion of the 2027 Exchangeable Notes.
The offering is being conducted through J.P. Morgan Securities LLC as the exclusive placement agent, under an automatic shelf registration statement filed with the SEC. The completion of both the equity offering and the new exchangeable notes offering is contingent upon the successful execution of the 2027 notes repurchase plan.
["Strategic debt restructuring through refinancing of existing notes", "Potential improvement in debt maturity profile by extending some debt to 2030"]Norwegian Cruise Line Holdings (NYSE:NCLH) ha annunciato un’offerta diretta registrata di azioni ordinarie rivolta a specifici detentori delle obbligazioni convertibili della sua controllata NCL Corporation, ossia le Exchangeable Senior Notes al 1,125% e al 2,50% in scadenza 2027. La società intende utilizzare i proventi di questa emissione azionaria, insieme ai fondi derivanti da una separata offerta privata di exchangeable senior notes con scadenza 2030, per riacquistare una parte delle notes exchangeable 2027.
L’offerta viene gestita da J.P. Morgan Securities LLC in qualità di placement agent esclusivo, nell’ambito di una registrazione automatica presso la SEC. Il completamento sia dell’offerta azionaria sia di quella delle nuove notes exchangeable dipende dall’effettiva esecuzione del piano di riacquisto delle notes 2027.
- Ristrutturazione strategica del debito tramite rifinanziamento di obbligazioni esistenti
- Possibile miglioramento del profilo di scadenza del debito estendendo parte dell’indebitamento fino al 2030
Norwegian Cruise Line Holdings (NYSE:NCLH) ha anunciado una colocación directa registrada de acciones ordinarias dirigida a determinados tenedores de las Exchangeable Senior Notes 1,125% y 2,50% de su filial NCL Corporation, con vencimiento en 2027. La compañía planea emplear los ingresos de esta oferta de acciones, junto con los procedentes de una oferta privada separada de exchangeable senior notes con vencimiento en 2030, para recomprar una parte de las notas exchangeable 2027.
La oferta se está llevando a cabo a través de J.P. Morgan Securities LLC como agente colocador exclusivo, bajo un registro automático presentado ante la SEC. La finalización tanto de la oferta de acciones como de la oferta de las nuevas notas exchangeable está condicionada a la ejecución exitosa del plan de recompra de las notas 2027.
- Estructuración estratégica de la deuda mediante el refinanciamiento de notas existentes
- Posible mejora en el perfil de vencimientos de la deuda al alargar parte del pasivo hasta 2030
Norwegian Cruise Line Holdings (NYSE:NCLH)는 자회사 NCL Corporation의 2027년 만기 1.125% 및 2.50% 교환 가능 선순위채권(Exchangeable Senior Notes) 보유자 일부를 대상으로 보통주 등록 직접공모를 발표했습니다. 회사는 이 주식공모의 수익금과 2030년 만기 교환 가능 선순위채권의 별도 사모공모 수익금을 함께 사용해 2027년 발행된 일부 교환 가능채를 환매할 계획입니다.
이번 공모는 J.P. Morgan Securities LLC가 단독 배정 주관사로 진행하며, SEC에 제출된 자동 등록 명세서(automatic shelf registration)를 통해 이루어집니다. 주식공모 및 신규 교환 가능채 공모의 완료는 2027년 채권 환매 계획의 성공적 실행에 달려 있습니다.
- 기존 채권을 재융자하는 방식의 전략적 부채 구조조정
- 일부 부채를 2030년까지 연장하여 부채 만기 프로필 개선 가능성
Norwegian Cruise Line Holdings (NYSE:NCLH) a annoncé une émission directe enregistrée d’actions ordinaires destinée à certains détenteurs des Exchangeable Senior Notes 1,125% et 2,50% de sa filiale NCL Corporation, arrivant à échéance en 2027. La société prévoit d’utiliser le produit de cette offre d’actions, ainsi que celui d’une offre privée distincte de exchangeable senior notes arrivant en 2030, pour racheter une partie des notes exchangeable 2027.
L’offre est conduite par J.P. Morgan Securities LLC en tant qu’agent de placement exclusif, dans le cadre d’un dossier d’enregistrement automatique déposé auprès de la SEC. La réalisation à la fois de l’offre d’actions et de l’offre des nouvelles notes échangeables est conditionnée à l’exécution réussie du plan de rachat des notes 2027.
- Restructuration stratégique de la dette via le refinancement de notes existantes
- Amélioration potentielle du profil d’échéances de la dette en étendant une partie de l’endettement jusqu’en 2030
Norwegian Cruise Line Holdings (NYSE:NCLH) hat eine registrierte Direktplatzierung von Stammaktien angekündigt, die sich an bestimmte Inhaber der 1,125% und 2,50% Exchangeable Senior Notes der Tochtergesellschaft NCL Corporation mit Fälligkeit 2027 richtet. Das Unternehmen beabsichtigt, die Erlöse aus dieser Aktienplatzierung sowie die Erlöse aus einer separaten Privatplatzierung von exchangeable senior notes mit Fälligkeit 2030 zu verwenden, um einen Teil der 2027 Exchangeable Notes zurückzukaufen.
Die Platzierung wird von J.P. Morgan Securities LLC als alleinigem Platzierungsagenten durchgeführt und erfolgt unter einer bei der SEC hinterlegten automatischen Shelf-Registrierung. Der Abschluss sowohl der Aktienplatzierung als auch der Emission der neuen exchangeable notes hängt von der erfolgreichen Umsetzung des Rückkaufplans für die 2027-Notes ab.
- Strategische Schuldenrestrukturierung durch Refinanzierung bestehender Notes
- Mögliche Verbesserung des Fälligkeitsprofils durch Verlängerung eines Teils der Verbindlichkeiten bis 2030
- None.
- Potential dilution for existing shareholders through new share issuance
- Complex transaction structure with multiple contingent offerings
Insights
NCLH is restructuring debt by issuing new shares and notes to repurchase existing 2027 exchangeable notes, potentially diluting shareholders.
Norwegian Cruise Line Holdings is executing a multi-part financial transaction that appears designed to restructure its debt obligations. The company is simultaneously conducting a registered direct offering of ordinary shares and a private offering of new exchangeable senior notes due 2030, with proceeds from both being used to repurchase a portion of existing 2027 Exchangeable Notes.
This type of transaction suggests several strategic financial considerations. First, by replacing existing exchangeable notes with new equity and potentially longer-dated notes (the new ones mature in 2030 versus 2027 for the existing notes), the company may be extending its debt maturity profile and reducing near-term refinancing risk. However, the share offering will dilute existing shareholders, which typically puts downward pressure on the stock price.
The structure as a registered direct offering to existing noteholders, rather than a broader public offering, indicates a targeted approach that may be more efficient and less disruptive to the broader market. J.P. Morgan's involvement as exclusive placement agent lends credibility to the transaction.
What's particularly notable is the interconnected nature of the transactions - each component (equity offering, new exchangeable notes, and repurchase of existing notes) is contingent upon the others. This suggests a carefully orchestrated liability management exercise rather than opportunistic capital raising. The company is essentially allowing holders of the 2027 notes to exchange their positions for a combination of equity and new debt securities, potentially at terms more favorable to NCLH than the existing notes.
MIAMI, Sept. 08, 2025 (GLOBE NEWSWIRE) -- Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (the “Company”) announced today that it has commenced a registered direct offering of ordinary shares of the Company (the “Equity Offering”) to certain holders of NCL Corporation Ltd.’s (“NCLC”), a subsidiary of the Company,
The Company intends to use the net proceeds from the Equity Offering, together with the net proceeds of NCLC’s separately-announced private offering of exchangeable senior notes due 2030 (the “Exchangeable Notes Offering”), to repurchase (the “Repurchases”) (through its agent) a portion of the 2027 Exchangeable Notes. The Repurchases are conditioned upon the consummation of the Equity Offering and the consummation of the Exchangeable Notes Offering, and the consummation of the Equity Offering and the Exchangeable Notes Offering are conditioned upon the consummation of the Repurchases.
J.P. Morgan Securities LLC is acting as the exclusive placement agent for the Equity Offering. The Equity Offering is being made under an automatic shelf registration statement filed with the U.S. Securities and Exchange Commission (“SEC”) on November 8, 2023. The Equity Offering may be made only by means of a prospectus supplement and an accompanying base prospectus. A preliminary prospectus supplement and accompanying base prospectus relating to the Equity Offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such jurisdiction. This press release also shall not constitute an offer to purchase or a solicitation of an offer to sell the 2027 Exchangeable Notes.
Cautionary Statement Concerning Forward-Looking Statements
Some of the statements, estimates or projections contained in this press release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding the Equity Offering and the use of proceeds therefrom, may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. For a discussion of these risks, uncertainties and other factors, please refer to the factors set forth under the sections entitled “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the SEC. These factors are not exhaustive and new risks emerge from time to time. There may be additional risks that we consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.
Investor Relations & Media Contact
Sarah Inmon
(786) 812-3233
InvestorRelations@nclcorp.com
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