Option for additional $60m in exchangeable notes
The notes sales came with an option to buy up to an additional $60m in exchangeable notes.
The option notes and exchangeable notes will be general senior unsecured obligations guaranteed by NCLH, and will be convertible at the holder’s option on the first business day immediately preceding the maturity date.
Initial exchange price 25% premium to recent public stock offering
The initial exchange rate per $1,000 principal amount of exchangeable notes is 53.3333 ordinary shares of NCLH, which is equivalent to an initial exchange price of approximately $18.75 per ordinary share, subject to adjustment in certain circumstances.
This represents a 25% premium to the public offering price in NCLH’s offering of ordinary shares that closed July 21.
The offering of the option notes is expected to close July 31.
NCLH plans to use the net proceeds for general corporate purposes.
