Norwegian Cruise Line and subsidiary announce public offering of $350 mln of ordinary shares, investment by L Catterton, and offering of exchangeable notes and senior secured notes (14.44)
- Norwegian Cruise Line has commenced an underwritten public offering of $350 mln of ordinary shares of the company. The company expects to use the net proceeds from the Offering for general corporate purposes.
- NCL Corporation, a subsidiary of Norwegian Cruise Line, announced a private placement of up to $400 mln in aggregate principal amount of exchangeable senior notes due 2026 to an affiliate of L Catterton.
- L Catterton will be entitled to nominate one member to the company's board of directors so long as a minimum ownership threshold is met, as well as one observer to the company's board.
- NCL Corporation also announced that it is proposing to sell $650 mln aggregate principal amount of its exchangeable senior notes due 2024 in a private offering.
- A separate disclosure providing an update on the company's liquidity and management's plan notes that certain factors impacting performance, "in particular the suspension of cruise voyages and decline in advanced bookings, as well as debt maturities and other obligations over the next year, have raised substantial doubt about the Company's ability to continue as a going concern, as the Company does not have sufficient liquidity to meet its obligations over the next twelve months, assuming no additional financing or other proactive measures."