MIAMI, May 05, 2020 (GLOBE NEWSWIRE) -- NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH), announced today that it is proposing to sell $650 million aggregate principal amount of its exchangeable senior notes due 2024 in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended. NCLC intends to grant the initial purchasers of the Exchangeable Notes an option to purchase, during a 13-day period beginning on, and including, the first day on which the Exchangeable Notes are issued, up to an additional $97.5 million aggregate principal amount of Exchangeable Notes.

The Exchangeable Notes will be general senior unsecured obligations of NCLC, guaranteed by NCLH, and will be convertible at the holder’s option at any time prior to the close of business on the business day immediately preceding the maturity date into Series A Preference Shares of NCLC (“Preference Shares”), which shall be automatically exchangeable into a number of ordinary shares of NCLH.

NCLC is also proposing to sell $600 million aggregate principal amount of its senior secured notes due 2024 (the “Secured Notes”) in a private offering that is exempt from the registration requirements of the Securities Act.

NCLC expects to use the net proceeds from the offerings of the Exchangeable Notes and Secured Notes for general corporate purposes.