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Norwegian Cruise Line secures fresh funding

Norwegian Cruise Line secures fresh funding

Having warned earlier this week it might not be in a position to continue trading in the wake of the coronavirus pandemic, Norwegian Cruise Line Holdings has secured fresh investment.

The company said earlier it had secured an additional $2.23 billion in liquidity.

Norwegian would thus be “well-positioned to weather Covid-19 impacts” upon completion of the proposed transactions, the cruise line added.

The transactions involve debt and equity.

Norwegian is preparing a $400 million public offering of common shares and is receiving a $400 million private investment from private equity firm L Catterton.


The company also will receive $750 million in exchangeable senior notes and $675 million in senior secured notes.

In total, the proceeds are set boost total liquidity to approximately $3.5 billion.

“This significantly strengthens the company’s financial position and liquidity runway, and it now expects to be positioned to withstand well over 12 months of voyage suspensions in a potential downside scenario,” Norwegian Cruise Line Holdings said in a statement.

Norwegian Cruise Line Holdings said it does not expect a 12-month suspension of cruising but “has taken a swift and proactive approach to protect its future given the significant uncertainty and unknown duration of the Covid-19 global pandemic”.