Norwegian Cruise Line unit closes $2.05 billion notes sale to retire older debt
On September 17, 2025, NCL Corporation, a subsidiary of Norwegian Cruise Line Holdings, closed a private offering of $2,050.0 million in senior notes due 2031 and 2033, with net proceeds of approximately $2,031.1 million before fees and expenses. The company used the proceeds with cash on hand to tender for and redeem its 2026, 2027 and 2029 notes. The filing says the transactions were essentially neutral to the company's leverage.
Key points
- $1,200.0 million of 5.875% senior notes due January 15, 2031, and $850.0 million of 6.250% senior notes due September 15, 2033
- Net proceeds of approximately $2,031.1 million, before estimated fees and expenses
- As of the September 12, 2025 tender expiration, holders tendered $903,079,000 of the $1,000,000,000 2027 notes (90.3%) and $219,354,000 of the $225,000,000 2026 notes (97.5%)
- Remaining 2026 and 2027 notes not tendered, and all 2029 notes, are being redeemed on September 18, 2025 and February 15, 2026, respectively
The filing
Written by AI on Nov 8, 2026, 1:17 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 18, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.