Advising Norwegian Cruise Line Holdings Ltd. on $1.8 billion senior notes offering and credit facility increase

Our Bermuda Finance team acted as Bermuda counsel to NCL Corporation Ltd. (NCLC), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH), in connection with its private offering of $1.8 billion aggregate principal amount of 6.750% senior notes due 2032.  

The proceeds from the notes were used to redeem NCLC’s 5.875% Senior Notes due 2026 and its 8.375% Senior Secured Notes due 2028. In addition, NCLC entered into a seventh Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent and a syndicate of lenders, increasing the aggregate amount of lenders’ commitments from $1.2 billion to $1.7 billion.  

Our team was led by partner Adam Bathgate, working alongside senior associate Korin Knights and associate Karina Skinner. Kirkland & Ellis and Paul Weiss acted as US counsel to NCLC and Hannaford Turner acted as maritime counsel.  

Congratulations to the NCL team, it was a pleasure working with you on this transaction.