$1.94 Billion Debt Listing For NCL Corporation
The Bermuda Stock Exchange [BSX] has listed $1.94 billion of NCL Corporation Ltd. senior notes.
A spokesperson said, “Miami International Holdings, Inc. [MIH], the majority stockholder of the Bermuda Stock Exchange [BSX] and parent holding company of the MIAX Exchange Group, today announced that the BSX has listed almost $2 billion of NCL Corporation Ltd. [NCL] senior notes.
“The listing is comprised of three notes that total approximately $1.94 billion in nominal value and is broken down as follows:
- $862.5 million 6.00% Exchangeable Senior Notes due 2024;
- $675 million 12.25% Senior Secured Notes due 2024; and
- $400 million Variable Exchangeable Senior Notes due 2026.
BSX President and CEO Greg Wojciechowski commented, “The team at the BSX is delighted to welcome NCL to listing on the BSX and is pleased to have facilitated the listing at an important time for NCL.
“The BSX continues to attract premium international securities to add to our existing deep client base of blue-chip companies which further underpins BSX’s position as a recognized venue for international listings in the western hemisphere.”
Walkers [Bermuda] Limited acted as Bermuda counsel for NCL and Walkers Listing Services [Bermuda] Limited was listing sponsor for the BSX. Walkers’ Partner, Natalie Neto said, “We are very pleased to have been able to act as listing sponsor to NCL and to have been supported by the excellent team at the BSX who ensured a very smooth listing process.”
Thomas P. Gallagher, BSX Chairman and Chairman and Chief Executive Officer of MIH, stated, “We are delighted that NCL and Walkers [Bermuda] Limited decided to choose the BSX for such an important listing of NCL’s debt securities recognizing the BSX’s global reach, the reputation of Bermuda and BSX’s expertise in the listing of complex debt financing instruments.
“Since our acquisition of a controlling interest in BSX last year, we’ve seen the BSX continue to establish its place as a global leader among debt and insurance related securities due in large part to the BSX’s innovative and commercial approach to listings like NCL’s senior notes.”
“The BSX has seen an increase in interest from the global capital markets for an alternative, internationally recognized exchange platform for the listing of international debt instruments,” a spokesperson added.
“As of Q2 2020, the BSX had over 1000 listed securities, including investment funds, debt and insurance related securities, as well as small to medium enterprise companies. The BSX is also the world’s leading exchange for the listing of Insurance Linked Securities [ILS] with approximately 500 listed issuers and $40 billion market capital outstanding representing over 90% market share of global ILS.
“Through its ownership interest in BSX, the MIAX Exchange Group will provide additional support to the evolving global [re]insurance risk market through innovative products on a global scale with a view toward the futures market.”
