India, April 2 -- Norwegian Cruise Line Holdings Ltd. (NCLH) and its subsidiary, NCL Corporation Ltd., Wednesday have entered into agreements to exchange $285.4 million of NCLC's 5.375% Exchangeable Senior Notes due 2025 for an equal amount of newly issued 0.875% Exchangeable Senior Notes due 2030, along with a $51.6 million cash payment.
The cash payment will be funded by a registered direct offering of 2.7 million ordinary shares at $19.06 per share.
The transactions, expected to close around April 7, 2025, will leave $164.6 million of the 2025 Notes outstanding. They will have a neutral effect on the company's leverage while reducing fully diluted shares by 12.5 million.
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