NCL Corporation upsizes senior notes sale to $950 million

NCL Corporation Ltd. said on 30 September 2026 that it has priced $950.0 million of 8.750% senior notes due 2031, raising the size of the private offering from the $750.0 million it had previously announced. For traders and newer investors, the key point is that this is a financing move by the cruise operator’s subsidiary, not a change in operating guidance.

The offering is expected to close on 15 October 2026, subject to customary closing conditions. NCL Corporation said it intends to use the net proceeds, together with cash on hand, to redeem all of the outstanding 6.125% senior notes due 2028 issued by NCL Finance, Ltd., repay about $376.3 million of borrowings under its existing senior secured revolving loan facility, and prepay about $42.2 million under its export-credit backed financing facilities, together with accrued and unpaid interest and any related premiums, fees and expenses.

The notes are being offered only to qualified institutional buyers under Rule 144A in the United States and to non-U.S. investors under Regulation S outside the United States. The company said the notes will not be registered under the Securities Act or state securities laws and may not be offered or sold in the United States without registration or an applicable exemption. It also said the press release is not an offer to sell, a solicitation to buy, or a notice of redemption for the 2028 notes.