Norwegian Cruise Line Holdings Ltd. · NYSE:NCLH
Norwegian Cruise Line — Investor Presentation (November 2021)
9 slides from Norwegian Cruise Line's investor presentation, Nov 19, 2021
Slide 1: Balance Sheet Optimization Transactions
INVESTOR PRESENTATION BALANCE SHEET OPTIMIZATION TRANSACTIONS November 2021
Slide 2: Forward-looking statements
Some of the statements, estimates or projections contained in this presentation are “forward - looking statements” within the mean ing of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All s
Slide 3: Key Transaction Points
KEY TRANSACTION POINTS 3 1 Primary purpose of transactions was liability management. 2 We issued new 1.125% exchangeable notes due 2027 to repurchase the majority of our existing 6% exchangeable notes due 2024. We have the ability to settle our new exchangeable notes in cash, at our full discretion,
Slide 4: Key Benefits
KEY BENEFITS 4 1 Assuming settlement of the new 1.125% exchangeable notes entirely in cash. See illustrative dilution scenario on slide 7. ~5.2 M share reduction in diluted share count 1 Cash balance increased by ~$259M 2 Extension of certain debt maturities ~$65M reduction in total debt, ~$500M red
Slide 5: Transaction Overview
TRANSACTION OVERVIEW 5 Sell new lower - cost exchangeable note to fund partial repurchase of existing higher - cost, dilutive exchangeable note New exchangeable can be settled in cash, ordinary shares or a combination at the Company’s election whereas old exchangeable note could only be physically -
Slide 6: Results of Liability Management Transaction
RESULTS OF LIABILITY MANAGEMENT TRANSACTION 6 Significantly reduced interest expense, leverage and blended cost of debt, while providing flexibility to limit future equity dilution and adding incremental liquidity 1 Number presented is less estimated fees and expenses and includes premiums and accru
Slide 7: Illustrative Diluted Share Count Reduction Scenario
ILLUSTRATIVE DILUTED SHARE COUNT REDUCTION SCENARIO 7 Assuming new exchangeable note is settled in cash, diluted share count will be reduced by ~5.2M 1 Illustrative example. Assumes 1.125% Exchangeable Notes are settled entirely in cash. Actual number of shares issued upon set tl ement may differ. A
Slide 8: Pro Forma Debt Maturity Profile
As of September 30, 2021 ($ Billions) Note: Based on debt outstanding pro forma for the transactions Transactions extended debt maturity profile and significantly reduced interest expense 8 2022 2023 2024 2025 2026 2027 Thereafter ECA Loans, Capital Leases & Other 3.625% Senior Unsecured Notes 12.25
Slide 9: Medium and Long-Term Financial Recovery Plan
MEDIUM AND LONG - TERM FINANCIAL RECOVERY PLAN Transactions were executed as part of our medium and long - term financial recovery plan 9 Rebuild and Improve Margins ▪ Gradual return to pre - COVID margin levels ▪ Maintain price discipline and industry - leading net yields ▪ Reduce fixed cost base ▪
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