BSX, MIH Announce Additional $1.2B Debt Listing

September 2, 2020 | 0 Comments

The Bermuda Stock Exchange [BSX] has listed another $1.2 billion of NCL Corporation Ltd. [NCL] exchangeable senior and senior secured 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 another $1.2 billion of NCL Corporation Ltd. [NCL] exchangeable senior and senior secured notes. This new listing is in addition to three NCL Debt listings of approximately $1.94 billion announced August 13th.

“The new listings are as follows:

  • US$450,000,000, 5.375% Exchangeable Senior Notes due August 1, 2025
  • US$750,000,000, 10.25% Senior Secured Notes due February 1, 2026

BSX President and CEO Greg Wojciechowski commented, “The team at the BSX is delighted to continue our support for NCL with an additional $1.2 billion in debt listings on the BSX. The BSX continues to gain traction and attract premium securities in the international debt market which further underpins BSX’s position as a recognized venue for international listings from around the world.

“The BSX has seen an increased momentum from the global capital markets for an alternative, internationally recognized exchange platform for the listing of international and domestic debt instruments.”

Thomas P. Gallagher, BSX Chairman and Chairman and Chief Executive Officer of MIH, stated, “We are very pleased that NCL again decided to choose the BSX for such an important listing of NCL’s debt securities. NCL’s choice recognizes the BSX’s global reach, reliability, technology and expertise in the listing of complex debt financing instruments.”

The BSX added, “As of Q2 2020, the BSX had over 1,000 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.

“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 delighted to have been able to assist NCL again with respect to these listings, that further demonstrate the BSX as a venue of choice with respect to listings of global debt securities”

“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.”

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