Norwegian Cruise Line begins registered direct share offering

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) commenced a registered direct offering of ordinary shares to certain holders of its subsidiary's exchangeable senior notes due 2027, the company announced.

The cruise operator plans to use proceeds from the equity offering, combined with proceeds from a separate private offering of exchangeable senior notes due 2030 by subsidiary NCL Corporation Ltd., to repurchase a portion of the 2027 exchangeable notes.

The repurchases are contingent upon completion of both the equity offering and the new exchangeable notes offering. Both offerings are also conditioned upon completion of the repurchases, according to the company's statement.

J.P. Morgan Securities LLC serves as the exclusive placement agent for the equity offering. The offering operates under an automatic shelf registration statement filed with the Securities and Exchange Commission on November 8, 2023.

A preliminary prospectus supplement and accompanying base prospectus relating to the offering will be filed with the SEC and made available on the commission's website.

The announcement includes standard disclaimers stating the press release does not constitute an offer to sell securities or a solicitation to buy, and notes such activities would be unlawful in jurisdictions without proper registration and qualification under securities laws.

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