NCL begins roadshow for $680 million offering of five-year notes

By Paul Deckelman

New York, Nov. 3 – NCL Corp. was heard by high-yield syndicate sources on Monday to be beginning a roadshow for a $680 million offering of five-year senior secured notes (expected ratings B2/BB-).

The sources said that the roadshow would begin on Monday in Los Angeles, moving on to New York on Tuesday and concluding on Wednesday in Boston, with pricing expected sometime thereafter.

The Rule 144A and Regulation S for life deal is being brought to market via bookrunners Barclays, J.P. Morgan Securities LLC and Deutsche Bank Securities Inc., along with co-managers Credit Agricole CIB and DnB NOR Markets Inc.

The notes will come with two years of call protection and will have a 40% equity clawback feature for the first two years.

The Miami-based cruise-ship company and operator of Norwegian Cruise Line plans to use the proceeds from the note issue to finance its pending acquisition of Prestige Cruise Holdings.

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