Norwegian Cruise Line Holdings Ltd. filed a Form 8-K on October 30, 2026, disclosing that its subsidiary NCL Corporation Ltd. entered into two separate SACE-insured credit facility agreements on October 27, 2026, providing up to approximately $2.5 billion each for the financing of two new cruise vessels.

Key Highlights

  • Two credit facilities totaling up to approximately $5 billion: Each facility provides up to approximately $2.5 billion, inclusive of the applicable SACE insurance premium.
  • Vessels scheduled for delivery in 2034 and 2036: Vessel 1 is to be purchased by NCL NextGen Class III Ltd. and Vessel 2 by NCL NextGen Class IV Ltd.
  • Floating interest rate of six-month Term SOFR plus 0.90% per annum: Subject to a zero floor and certain fallback provisions, according to the filing.
  • Each facility matures on the twelfth anniversary of the relevant ship's delivery date: Loans will be repaid in twenty-four equal semi-annual installments beginning six months after delivery.
  • Credit facilities available to fund 80% of delivery payments under each shipbuilding contract, plus the relevant SACE insurance premium portion.
  • 100% of loans under each Credit Facility will be insured by SACE S.p.A., the Italian state export credit agency, subject to certain conditions.
  • Crédit Agricole Corporate and Investment Bank serves as facility agent, ECA agent, and security agent for both facilities.

NCL Corporation Enters Dual SACE-Backed Facilities for NextGen Fleet Expansion

According to the filing, NCL Corporation Ltd. ("NCLC"), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH), together with its subsidiaries NCL NextGen Class III Ltd. and NCL NextGen Class IV Ltd. as borrowers, entered into the Credit Facilities on October 27, 2026. The agreements involve a syndicate of lenders with Crédit Agricole Corporate and Investment Bank acting as coordinator, alongside joint bookrunners and mandated lead arrangers including Caixabank S.A. (United Kingdom Branch), Banco Santander, S.A., BNP Paribas, and Intesa SanPaolo S.P.A. (New York Branch).

The filing states that all obligations of each borrower under its respective Credit Facility will be guaranteed by NCLC. Security includes, prior to delivery, a first priority perfected share charge in the equity of the borrower, and on delivery, a first lien ship mortgage on the relevant new ship plus first priority assignments of certain related interests. The filing also discloses that borrowers may voluntarily and permanently reduce loan commitments under each Credit Facility, in whole or in part, at any time during specified periods, and that prepayment is permitted subject to certain restrictions. A mandatory prepayment is required upon the sale or total loss of a ship after its delivery date.

The filing notes that certain portions of the facility agreement documents filed as exhibits have been redacted in accordance with Regulation S-K Item 601(b)(10) as confidential information. The 8-K was signed by Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd.

What Was Disclosed

Norwegian Cruise Line Holdings disclosed the entry into two SACE-insured credit facilities, each of up to approximately $2.5 billion, to partially finance the purchase of two new cruise vessels scheduled for delivery in 2034 and 2036, with a floating rate of six-month Term SOFR plus 0.90% per annum and twelve-year maturities from each vessel's delivery date.