NCL Corporation upsizes senior notes deal to $950 million

NCL Corporation Ltd. said on 30/9/2026 that it priced $950 million of 8,750% senior notes due 2031, increasing the size of the deal from the $750 million it had previously announced. The notes were offered in a private placement exempt from Securities Act registration requirements.

If you follow cruise company debt financing, the key point is that NCLC plans to pair the new notes with cash on hand to deal with existing borrowings. The company said it intends to redeem all outstanding 6,125% senior notes due 2028 issued by NCL Finance, Ltd., repay about $376,3 million of borrowings under its senior secured revolving loan facility, and prepay about $42,2 million of borrowings under its export-credit backed financing facilities, together with accrued and unpaid interest and related premiums, fees and expenses.

The offering is expected to close on 15/10/2026, subject to customary closing conditions. NCLC said the redemption of the 2028 notes depends on the offering being completed.

The notes are being offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A and, outside the United States, only to non-U.S. investors under Regulation S. The company said the notes will not be registered under the Securities Act or state securities laws and may not be sold in the United States without registration or an applicable exemption.