Walkers advises Norwegian Cruise Line Holdings Ltd on $600m secured notes transaction

Our Bermuda team has advised Norwegian Cruise Line Holdings Ltd (NYSE: NCLH), through its subsidiary NCL Corporation Ltd, on the issue of $600,000,000 aggregate principal amount of senior secured notes. The proceeds from the offering will be used to repay outstanding term loans currently owed under an existing senior secured credit facility.

Adam Bathgate, Walkers partner, commented: "We used our specialist maritime finance team and deep understanding of Norwegian Cruise Lines' business to advise on all the Bermuda elements of this fundraising round. We're pleased that the combination of our skills and knowledge with a clear focus on our client's needs helped achieve a successful outcome."

Our role as counsel to the company included advising on the security being granted by, among others, several Bermuda subsidiaries who in part own vessels that also secure NCL's obligations under the existing credit facility. More broadly, we reviewed and agreed the offering documents, indenture, purchase agreement and other deal documentation, and also advised on the collateral arrangements, corporate authorisations for the Bermuda companies and conditions precedent and ancillary materials.

We worked alongside Kirkland & Ellis and Paul Weiss on all elements of the transaction and with Hannaford Turner on the maritime elements.

Our team in Bermuda was led by partner Adam Bathgate with support from associate Korin Knights.

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