Norwegian Cruise Line Holdings Announces Refinancing of its Senior Secured Credit Facility

MIAMI, June 07, 2016 (GLOBE NEWSWIRE) -- Norwegian Cruise Line Holdings Ltd. (Nasdaq:NCLH) (together with NCL Corporation Ltd., “Norwegian Cruise Line Holdings”, “Norwegian” or the “Company,”) today announced the refinancing of its senior secured  credit facility. 

The Company has amended its existing senior secured credit facility by extending the maturity of its $625 million revolving credit facility (“Revolver”) and its $1.16 billion term loan facility (“Term Loan”) from May 2018 to June 2021.  In addition, the amendment increased the amount of commitments under the Revolver from $625 million to $750 million and the amount outstanding under the Term Loan from $1.16 billion to $1.51 billion. The proceeds from the increase in the Term Loan were used to prepay the entire outstanding principal amount of the Company’s $350 million senior secured term loan, resulting in no change to the Company’s total outstanding debt.  Both the Revolver and Term Loan bear interest at LIBOR plus an applicable margin of between 1.50% and 2.25%, depending on the Company’s leverage ratio. The $350 million senior secured term loan bore interest at LIBOR plus 3.25%.

“The refinancing of this facility further builds on our foundation for the future by strengthening our liquidity profile and extending the maturity,” said Wendy Beck, executive vice president and chief financial officer of Norwegian Cruise Line Holdings Ltd.  “Strong support from our bank syndicate enabled us to opportunistically upsize the transaction to prepay our $350 million term loan with a facility that has more favorable rates, thereby reducing interest expense,” continued Beck.

About Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd. (Nasdaq:NCLH) is a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.

With a combined fleet of 23 ships with approximately 45,800 berths, these brands offer itineraries to more than 510 destinations worldwide. The Company will introduce five additional ships through 2020.

Norwegian Cruise Line is an innovator in cruise travel with a history of breaking the boundaries of traditional cruising, most notably with the introduction of "Freestyle Cruising," which revolutionized the industry by giving guests more freedom and flexibility. Norwegian Cruise Line offers The Haven by Norwegian, a luxury enclave with suites, private pools and dining, concierge service and personal butlers. Oceania Cruises offers the finest cuisine at sea and immersive destination experiences with destination-rich itineraries spanning the globe. Regent Seven Seas Cruises is an all-inclusive cruise line which provides all-suite accommodations, round-trip air transportation, highly personalized service, acclaimed cuisine, fine wines and spirits, Wi-Fi, sightseeing excursions in every port and other amenities included in the cruise fare.

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Source: Norwegian Cruise Line Holdings Ltd.