NCL upsizes senior notes sale to $950 million

• The notes were priced in a private offering exempt from SEC registration.
• Closing is expected on October 15, 2026, subject to customary conditions.
• NCL plans to use proceeds to redeem 2028 notes and repay debt.

NCL Corporation Ltd. priced $950.0 million of 8.750% senior notes due 2031 on Sept. 30, 2026. The company said the amount was raised from the previously announced $750.0 million.

NCL upsizes senior notes sale to $950 million

The notes were offered in a private placement exempt from registration under the Securities Act of 1933. NCL said the offering is expected to close on October 15, 2026, subject to customary closing conditions.

NCL said it plans to use the net proceeds, together with cash on hand, to redeem all outstanding 6.125% senior notes due 2028 issued by NCL Finance, Ltd. It also plans to repay about $376.3 million of borrowings under its senior secured revolving loan facility and prepay about $42.2 million under its export-credit backed financing facilities, plus accrued interest and related premiums, fees and expenses.

The redemption of the 2028 notes depends on the consummation of the offering. The notes are being offered only to qualified institutional buyers in the U.S. under Rule 144A and to non-U.S. investors outside the U.S. under Regulation S.