Recent Updates — NCLH
Norwegian Cruise Line Holdings Ltd.'s subsidiary, NCL Corporation Ltd., entered into separate credit facility agreements for approximately $2.5 billion each, totaling roughly $5 billion, to fund the purchase of two new cruise vessels. The loans are secured by first-lien ship mortgages and insured by SACE, the Italian state export credit agency. Interest is set at six-month Term SOFR plus a 0.90% margin, with repayment in twenty-four semi-annual installments beginning six months after each vessel's delivery. Vessel 1 is scheduled for delivery in 2034 and Vessel 2 in 2036. The company operates the cruise ship industry.
Norwegian Cruise Line Holdings reported third-quarter 2026 GAAP net income of $491 million, or $1.07 per share, beating guidance with adjusted EPS of $1.12 and adjusted EBITDA of $937 million. The company raised its full-year 2026 outlook, now expecting adjusted EBITDA of approximately $2.55 billion and adjusted EPS of roughly $1.70. Subsequent to the quarter, NCLH completed a $950 million senior notes issuance due 2031 and upsized its revolving credit facility to enhance liquidity. The cruise operator also announced additional run-rate savings of ~$100 million and updates on fleet sales and newbuild deliveries.
Norwegian Cruise Line Holdings Ltd. announced that Meghan Montana will become Executive Vice President and Chief Financial Officer effective January 1, 2027, succeeding Mark A. Kempa. Kempa will transition to the role of Special Advisor to the President and CEO through June 30, 2027. Montana, currently Chief Strategy Officer, brings prior experience as Senior Vice President of Finance at American Airlines. The filing details her employment agreement, including an $875,000 base salary and a carryforward sign-on bonus totaling $1,550,000 with remaining installments due in 2027 and 2028. Kempa's transition includes continued compensation during his advisory period and specific equity vesting terms upon separation. Norwegian Cruise Line Holdings Ltd. operates cruise ships and provides vacation travel services.
Norwegian Cruise Line Holdings Ltd. subsidiary NCL Corporation closed a private offering of $950.0 million aggregate principal amount of 8.750% senior notes due October 15, 2031. Net proceeds were approximately $941.7 million. The company used the funds to redeem all outstanding 6.125% senior notes due 2028, repay approximately $376.3 million of borrowings under its senior secured revolving loan facility, and prepay approximately $42.2 million of export-credit backed financing facilities. Concurrently, NCLC entered into a third amendment to its credit agreement, increasing the revolving facility's aggregate commitments from $2.5 billion to $2.8 billion. The company operates global cruise lines including Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises.
Norwegian Cruise Line Holdings Ltd. expects its third-quarter 2026 results to exceed prior guidance, driven by better-than-expected revenue performance. The company reaffirms its full-year 2026 guidance issued in July and anticipates 2027 net interest expense of $860-$880 million following transactions announced by subsidiary NCL Corporation Ltd. Norwegian Cruise Line Holdings Ltd. operates as a global cruise line provider.