Norwegian Cruise Line Holdings Ltd. reported on October 27, 2026, that its subsidiary, NCL Corporation Ltd., has entered into definitive agreements to secure financing for two new cruise vessels. The agreements were executed with NCL Corporation Ltd. acting as guarantor, and its subsidiaries NCL NextGen Class III Ltd. and NCL NextGen Class IV Ltd. acting as borrowers.
The financing is structured through two separate credit facilities. The first facility, for Vessel 1, provides up to approximately $2.5 billion, while the second facility, for Vessel 2, provides up to approximately $2.5 billion. The total commitment for both vessels is approximately $5 billion. The loans are insured by SACE S.p.A., the Italian state export credit agency.
Delivery of the vessels is scheduled for 2034 for Vessel 1 and 2036 for Vessel 2. The maturity date for each facility is set for the twelfth anniversary of the respective delivery date. The loans will be repaid in twenty-four equal semi-annual installments beginning six months after delivery.
Interest on the loans will be calculated based on a floating rate equal to six-month Term SOFR, subject to a zero floor, plus a margin of 0.90% per annum. The facilities will fund 80% of the delivery payments under the construction contracts for the ships and the applicable SACE insurance premiums.
The obligations are secured by a first priority perfected share charge in the equity of the borrower prior to delivery, and a first lien ship mortgage on the new vessels upon delivery. The lenders include Crédit Agricole Corporate and Investment Bank, Caixabank S.A., Banco Santander, BNP Paribas, Intesa SanPaolo, HSBC, Citibank, KfW Ipex-Bank, Banco Bilbao Vizcaya Argentaria, Lloyds Bank, and Societe Generale.
