Noteholders received new exchangeable notes due 2030, a cash payment and interest 

Davis Polk advised the financial adviser in connection with a private exchange by NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd. (NCLH), of $353.9 million aggregate principal amount of existing 5.375% exchangeable senior notes due 2025 for a consideration consisting of $353.9 million aggregate principal amount of newly issued 0.875% exchangeable senior notes due 2030 and a cash payment, plus accrued and unpaid interest on the 2025 notes.

NCLH is a leading global cruise company that operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. With a combined fleet of 33 ships with approximately 70,050 berths, NCLH offers itineraries to approximately 700 destinations worldwide.

The Davis Polk capital markets team included partner John B. Meade, counsel Joze Vranicar and associates Marquis J. Pullen and Matthew A. Bultman. The equity derivatives team included partners Mark M. Mendez and Randall Derek Walters, counsel M. Faisal Baloch and associate Lindsey B. Meyers-Perez. Counsel Yixuan Long and associate Georgianna Eck provided tax advice. All members of the Davis Polk team are based in the New York office.

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