UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As previously disclosed, Norwegian Cruise Line Holdings Ltd., through its subsidiaries, NCL Corporation Ltd. (“NCLC”) and Voyager Vessel Company, LLC are parties to an $875 million revolving credit facility, dated as of January 2, 2019 and maturing on January 2, 2024, with JPMorgan Chase Bank, N.A. (“JPM”), as administrative agent and as collateral agent, and certain other lenders party thereto (the “Fourth Amended and Restated Credit Agreement”), and NCLC and Norwegian Epic, Ltd. are parties to a $675 million revolving credit facility, dated as of March 5, 2020 and maturing on March 4, 2021, with JPM, as administrative agent and as collateral agent, and certain other lenders party thereto (the “Norwegian Epic Credit Agreement”).
Beginning on March 12, 2020, NCLC borrowed under both the Fourth Amended and Restated Credit Agreement and the Norwegian Epic Credit Agreement the full amount of $1.55 billion.
NCLC borrowed under the Fourth Amended and Restated Credit Agreement and the Norwegian Epic Credit Agreement as a precautionary measure in order to increase its cash position and facilitate financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak. The proceeds from the Fourth Amended and Restated Credit Agreement and the Norwegian Epic Credit Agreement borrowings are currently being held on NCLC’s balance sheet. In accordance with the terms of the Fourth Amended and Restated Credit Agreement and the Norwegian Epic Credit Agreement, the proceeds from the borrowings may be used for working capital, general corporate or other purposes permitted by the facilities.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Norwegian Cruise Line Holdings Ltd. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: March 16, 2020 | NORWEGIAN CRUISE LINE HOLDINGS LTD. | ||
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| By: | /s/Mark A. Kempa |
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| Mark A. Kempa |
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| Executive Vice President and Chief Financial Officer | |
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