Among actions to boost liquidity
The offering is part of a number of actions NCLH has taken to boost liquidity in the current no-revenue environment.
These notes are at a rate of 7% for the first year, 4.5% payment-in-kind interest plus 3% per annum cash interest for the following four years and 7.5% in cash for the final year prior to maturity.
The net proceeds are expected to be used for general corporate purposes.
Exchange price $12.10/share
The notes will be general senior unsecured obligations guaranteed by NCLH and will be exchangeable at the holder’s option immediately preceding the maturity date. The initial exchange rate per $1,000 principal amount of the exchangeable notes is approximately 82.6446 ordinary shares of NCLH, which is equivalent to an initial exchange price of $12.10 per ordinary share, subject to future adjustment in certain circumstances.
On Thursday NCLH shares closed at $16.07, down 8.6%.
Entitled to nominate a director
L Catterton is entitled to nominate one member to the NCLH board so long as a minimum ownership threshold is met.
Goldman Sachs acted as placement agent to NCLH.
