Norwegian Cruise Line Holdings Ltd. said Jan. 2 that it refinanced its existing senior secured credit facility.
The cruise ship operator amended the facility by repricing its $875 million revolving credit facility, and repricing and raising its term A loan facility to approximately $1.6 billion. It extended the maturity dates for both facilities to January 2024 and decreased the applicable margin of both facilities by 25 basis points.
Norwegian Cruise Line said it used proceeds from the term A loan facility increase to prepay the entire outstanding amount of its term B loan facility.
In a statement, CFO Mark Kempa said the move will help the company strengthen its balance sheet and reach its targeted leverage range of 2.5 to 2.75 times by the end of 2020.