Norwegian Cruise Line Holdings Ltd. has announced that it successfully secured over $2 billion USD of additional liquidity in response to impacts of the COVID-19 global pandemic on the company and the cruise industry, including the temporary suspension of voyages, and to safeguard against a further downside scenario.
On Tuesday, the cruise company announced the launch of a series of capital markets transactions, led by Goldman Sachs, to raise approximately $2 billion.
The transaction has since been upsized to gross proceeds of $2.225 billion due to significant oversubscription and demand across all three offerings.
The transactions consisted of one $400 million public offering of common equity, a $750 million exchangeable senior notes offering,, $675 million senior secured notes offering and a $400 million private investment from global consumer-focused private equity firm L Catterton.
Contingent on completion of the transactions, the company expects to have approximately $3.5 billion of liquidity.
This strengthens the company’s financial position and liquidity runway after the company warned investors on Tuesday that it may not have enough money to fulfill its financial obligations over the next 12 months.
NCLH is the parent company of NCL, Oceania Cruises and Regent Seven Seas Cruises.
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