By Paul A. Harris
St. Louis, Nov. 4 - NCL Corp. Ltd., a financing unit of Norwegian Cruise Line, moved up timing and priced a $250 million issue of eight-year senior notes (Caa1/B/) at par to yield 9½% on Thursday, according to an informed source.
The yield printed on top of the price talk.
The roadshow had been expected to run into the middle part of the week ahead.
Deutsche Bank Securities Inc. was the left bookrunner for the issue, which was upsized from $200 million.
Barclays Capital Inc., Goldman Sachs & Co. and UBS Investment Bank are the joint bookrunners.
Proceeds will be used to repay bank debt.
The issuer is a Miami-based cruise ship company.
| Issuer: | NCL Corp. Ltd. (Norwegian Cruise Line)
|
| Amount: | $250 million, increased from $200 million
|
| Maturity: | Nov. 15, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc. (left books), Barclays Capital Inc., Goldman Sachs & Co., UBS Investment Bank
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 752 bps
|
| Call features: | Callable on Nov. 15, 2014 at 104.50, 102.375, par on and after Nov. 15, 2016
|
| Equity clawback: | 35% at 109.50 until Nov. 15, 2013
|
| Trade date: | Nov. 4
|
| Settlement date: | Nov. 9
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A with registration rights and Regulation S
|
| Price talk: | 9½% area
|
| Marketing: | Brief roadshow, timing moved up
|
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