Kirkland Advises Norwegian Cruise Line on Over $3.5 Billion in Capital Markets Transactions

Kirkland & Ellis advised Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH), a leading global cruise company, on multiple capital markets transactions to strengthen NCL's capital structure by removing all of its existing secured notes, materially extending its maturity profile and reducing potential dilution associated with outstanding equity-linked debt. Kirkland advised NCL on an offering of $1,200 million of 5.875% senior notes due 2031 and $850 million of 6.250% senior notes due 2033 and a concurrent tender offer to repurchase any and all of its outstanding 5.875% senior notes due 2026 and 5.875% senior secured notes due 2027. The proceeds from the notes offering were used to fund the tender offer, redeem all of the notes that were not accepted for purchase in the tender offer and redeem all of NCL's outstanding 8.125% senior secured notes due 2029.

Kirkland also advised NCL on an offering of $1,407 million of 0.750% exchangeable senior notes due 2030 and a $81 million registered direct offering of ordinary shares. The proceeds from these offerings were used to repurchase $958 million of NCL's outstanding 1.125% exchangeable senior notes due 2027 and $449 million of its outstanding 2.50% exchangeable senior notes due 2027.

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The team included capital markets lawyers Zoey Hitzert, Sophia Hudson, Soo Kyung Chae, Lune Klappe, Mary Aertker, Richard Hong, Camille Ciolino, Connor Dalton and Michael Scheinthal; and tax lawyers Ben Schreiner and Afshin Khan.