Walkers acts on Norwegian Cruise transactions
Law firm Walkers acted as offshore counsel to Norwegian Cruise Line Holdings Ltd on three separate significant financing transactions, equating to $2 billion, this month.
It acted as joint Bermuda, British Virgin Islands and Cayman Islands counsel to NCL Corporation Ltd, a subsidiary of Norwegian, as it closed its private offering of $675 million aggregate principal amount of its 12.25 per cent senior secured notes due 2024, which closed on May 14.
The Walkers teams also advised on the creation of security interests over, among other things, shares in certain subsidiary guarantors, two of NCLC's vessels, material intellectual property and two islands used in the operations of the cruise business.
Walkers was led by partners Adam Bathgate and Matthew Cowman, with assistance from senior counsels Omonike Robinson-Pickering and Sarah Humpleby along with associates Korin Knights, Brittney Smith and Liam Woodward.
In addition, Walkers acted as Bermuda counsel to NCLC as it closed its private offering of $862.5 million aggregate principal amount of its 6 per cent exchangeable senior notes due 2024 on May 11.
Walkers also acted as Bermuda counsel to Norwegian on its underwritten public offering of 41,818,181 ordinary shares of the company at a price to the public of $11 per share.
The Walkers team for the issue of the exchangeable notes and the offering was led by partners Jonathan Betts and Natalie Neto, with assistance from senior associate Nathalie West.
Mr Betts, partner and head of Walkers' Bermuda finance and corporate practice, said: “We have a long history of advising Norwegian Cruise Lines, and I am delighted that we were able to assist this marquee cruise operator on these important financing transactions — the teams across our three offices did a tremendous job. This combined $2 billion fundraising is earmarked for general corporate purposes and are important to the group in the current environment, which is challenging for all in the cruise line industry.”