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    Norwegian Cruise Line Holdings Ltd. Successfully Secures Over $2 Billion of Additional Liquidity in Oversubscribed Capital Markets Transactions

    Published on May 7, 2020

    MIAMI, Florida :  Norwegian Cruise Line Holdings Ltd. today announced it successfully secured over $2 billion of additional liquidity in response to impacts of the COVID-19 global pandemic on the Company and the cruise industry, including the temporary suspension of voyages, and to safeguard against a further downside scenario.

    Yesterday, the Company announced the launch of a series of capital markets transactions, led by Goldman Sachs, to raise approximately $2 billion. The transaction has since been upsized to gross proceeds of $2.225 billion ($2.4 billion if the underwriters exercise their full overallotment options) due to significant oversubscription and demand across all three offerings. The transactions consisted of (1) $400 million public offering of common equity, (2) $750 million exchangeable senior notes offering, (3) $675 million senior secured notes offering and (4) $400 million private investment from global consumer-focused private equity firm L Catterton.

    Contingent on completion of the transactions, the Company expects to have approximately $3.5 billion of liquidity. This significantly strengthens the Company’s financial position and liquidity runway and it now expects to be positioned to withstand well over 12 months of voyage suspensions in a potential downside scenario. While this is not the Company’s base case expectation, the Company has taken a swift and proactive approach to protect its future given the significant uncertainty and unknown duration of the COVID-19 global pandemic. When the transactions are completed, the additional liquidity alleviates management’s concern about the Company’s ability to continue as a going concern for the next 12 months.

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