Norwegian Cruise to repay some notes, revolver debt with IPO proceeds

By Sara Rosenberg

New York, July 15 - Norwegian Cruise Line Holdings Ltd. plans on redeeming notes and paying down borrowings under its revolving credit facility using proceeds from an initial public offering of ordinary shares, according to an S-1 filed with the Securities and Exchange Commission on Friday.

Specifically, the company expects to redeem up to $157.5 million of its $450 million of 11¾% senior secured notes and up to $87.5 million of its $250 million 9½% senior notes.

As of March 31, the company had $185 million drawn under its $750 million senior secured revolver that is priced at Libor plus 400 basis points.

Norwegian Cruise Line is a Miami, Fla.-based cruise line operator.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.