# EDGAR Filing Document

**Accession Number:** 0001318742
**File Stem:** 0001104659-25-091308
**Filing Date:** 2025-9
**Character Count:** 34385
**Document Hash:** ce64ccb457e63a694860c445cfff988c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-091308.hdr.sgml**: 20250918

**ACCESSION NUMBER**: 0001104659-25-091308

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250917

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250918

**DATE AS OF CHANGE**: 20250918

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NCL CORP Ltd.
- **CENTRAL INDEX KEY:** 0001318742
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 200470163
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-128780
- **FILM NUMBER:** 251323978

**BUSINESS ADDRESS:**
- **STREET 1:** 7665 CORPORATE CENTER DRIVE
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33126
- **BUSINESS PHONE:** (305) 436-4000

**MAIL ADDRESS:**
- **STREET 1:** 7665 CORPORATE CENTER DRIVE
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33126

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): September 17, 2025**

**NCL CORPORATION LTD.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Bermuda** | **333-128780** | **20-0470163** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

**7665 Corporate Center Drive, Miami, Florida 33126**

(Address of principal executive offices, and Zip Code)

**(305) 436-4000**

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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| |
|:---|
| Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which<br> registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 1.01 Entry into a Material Definitive Agreement.

On September 17, 2025, NCL Corporation Ltd. ("NCLC"), a subsidiary of Norwegian Cruise Line Holdings Ltd., closed its previously announced private offering (the "Notes Offering") of (i) $1,200.0 million aggregate principal amount of 5.875% senior notes due 2031 (the "2031 Notes") and (ii) $850.0 million aggregate principal amount of 6.250% senior notes due 2033 (the "2033 Notes"). In connection with the Notes Offering, NCLC received net proceeds, after deducting the initial purchasers' discount but before deducting estimated fees and expenses, of approximately $2,031.1 million. NCLC used the net proceeds from the Notes Offering, together with cash on hand, to (i) fund its cash tender offer (the "Tender Offer") to repurchase any and all of its outstanding 5.875% senior notes due 2026 (the "2026 Notes") and its 5.875% senior secured notes due 2027 (the "2027 Notes"), (ii) redeem all of the 2026 Notes and 2027 Notes that were not accepted for purchase in the Tender Offer, (iii) redeem all of its 8.125% senior secured notes due 2029 (the "2029 Notes") and (iv) pay accrued and unpaid interest on the 2026 Notes, the 2027 Notes and the 2029 Notes purchased or redeemed, as applicable, as well as pay related transaction premiums, fees and expenses.

*2031 Senior Notes Indenture*

The 2031 Notes were issued pursuant to an indenture, dated September 17, 2025 (the "2031 Notes Indenture"), between NCLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee. Interest on the 2031 Notes will accrue from September 17, 2025 and is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026, at a rate of 5.875% per year. The 2031 Notes will mature on January 15, 2031 unless earlier redeemed or repurchased.

NCLC may, at its option, redeem the 2031 Notes, in whole or in part, (i) prior to September 15, 2027 (the "2031 Notes First Call Date"), at a redemption price equal to 100% of the principal amount of the 2031 Notes to be redeemed plus an applicable "make-whole" amount, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date, and (ii) on or after the 2031 Notes First Call Date, at the redemption prices set forth in the 2031 Notes Indenture, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date. In addition, at any time and from time to time prior to the 2031 Notes First Call Date, NCLC may redeem up to 40% of the aggregate principal amount of the 2031 Notes with the net proceeds of certain equity offerings at a redemption price equal to 105.875% of the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, so long as at least 60% of the aggregate principal amount of the 2031 Notes issued remains outstanding following such redemption.

The 2031 Notes Indenture contains covenants that limit the ability of NCLC and its restricted subsidiaries to, among other things: (i) create liens on certain assets to secure debt; (ii) enter into sale leaseback transactions; and (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of their assets. Additionally, upon the occurrence of specified change of control triggering events, NCLC may be required to offer to repurchase the 2031 Notes at a repurchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The 2031 Notes Indenture also contains customary events of default.

The foregoing summary of the 2031 Notes Indenture and the 2031 Notes does not purport to be complete and is qualified in its entirety by reference to the full text of the 2031 Notes Indenture and form of 2031 Notes, which are attached as Exhibit 4.1 to this Current Report on Form 8-K (this "Current Report") and incorporated herein by reference.

*2033 Senior Notes Indenture*

The 2033 Notes were issued pursuant to an indenture, dated September 17, 2025 (the "2033 Notes Indenture"), between NCLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee. Interest on the 2033 Notes will accrue from September 17, 2025 and is payable semi-annually in arrears on September 15 and March 15 of each year, beginning on March 15, 2026, at a rate of 6.250% per year. The 2033 Notes will mature on September 15, 2033 unless earlier redeemed or repurchased.

NCLC may, at its option, redeem the 2033 Notes, in whole or in part, (i) prior to September 15, 2028 (the "2033 Notes First Call Date"), at a redemption price equal to 100% of the principal amount of the 2033 Notes to be redeemed plus an applicable "make-whole" amount, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date, and (ii) on or after the 2033 Notes First Call Date, at the redemption prices set forth in the 2033 Notes Indenture, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date. In addition, at any time and from time to time prior to the 2033 Notes First Call Date, NCLC may redeem up to 40% of the aggregate principal amount of the 2033 Notes with the net proceeds of certain equity offerings at a redemption price equal to 106.250% of the principal amount of the 2033 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, so long as at least 60% of the aggregate principal amount of the 2033 Notes issued remains outstanding following such redemption.

The 2033 Notes Indenture contains covenants that limit the ability of NCLC and its restricted subsidiaries to, among other things: (i) create liens on certain assets to secure debt; (ii) enter into sale leaseback transactions; and (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of their assets. Additionally, upon the occurrence of specified change of control triggering events, NCLC may be required to offer to repurchase the 2033 Notes at a repurchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The 2033 Notes Indenture also contains customary events of default.

The foregoing summary of the 2033 Notes Indenture and the 2033 Notes does not purport to be complete and is qualified in its entirety by reference to the full text of the 2033 Notes Indenture and form of 2033 Notes, which are attached as Exhibit 4.2 to this Current Report and incorporated herein by reference.

Item 1.02 Termination of a Material Definitive Agreement.

On December 18, 2020, NCLC issued the 2026 Notes, of which $225.0 million in aggregate principal amount remained outstanding as of September 17, 2025, pursuant to an indenture (the "2026 Notes Indenture") by and between NCLC, as issuer, and U.S. Bank National Association, as trustee (in such capacity, the "2026 Notes Trustee"), principal paying agent, transfer agent and registrar. The material terms and conditions of the 2026 Notes were described in our Current Report on Form 8-K filed on December 18, 2020. On September 8, 2025, NCLC issued a notice to redeem, on September 18, 2025, all of the outstanding 2026 Notes that were not validly tendered and accepted for purchase in the Tender Offer at a redemption price equal to the applicable Tender Offer consideration, plus accrued and unpaid interest to, but excluding, the redemption date, which notice was subject to a condition that has been satisfied.

On February 18, 2022, NCLC issued $1,000.0 million in aggregate principal amount of the 2027 Notes pursuant to an indenture (the "2027 Notes Indenture") by and among NCLC, as issuer, the guarantors party thereto and U.S. Bank National Association, as trustee (in such capacity, the "2027 Notes Trustee"), principal paying agent, transfer agent, registrar and security agent. The material terms and conditions of the 2027 Notes were described in our Current Report on Form 8-K filed on February 22, 2022. On September 18, 2025, NCLC issued a notice to redeem, on February 15, 2026, all of the 2027 Notes that were not validly tendered and accepted for purchase in the Tender Offer at a redemption price of 100.000% of their principal amount, plus accrued and unpaid interest to, but excluding, the redemption date.

On October 18, 2023, NCLC issued $790.0 million in aggregate principal amount of the 2029 Notes pursuant to an indenture (the "2029 Notes Indenture") by and among NCLC, as issuer, the guarantors party thereto, U.S. Bank National Association, as trustee (in such capacity, the "2029 Notes Trustee" and, together with the 2026 Notes Trustee and the 2027 Notes Trustee, the "Trustee"), principal paying agent, transfer agent and registrar, and JPMorgan Chase Bank, N.A., as security agent. The material terms and conditions of the 2029 Notes were described in our Current Report on Form 8-K filed on October 19, 2023. On September 8, 2025, NCLC issued a notice to redeem, on September 18, 2025, all of the 2029 Notes at a "make-whole" redemption price, plus accrued and unpaid interest to, but excluding, the redemption date, which notice was subject to a condition that has been satisfied.

As described under Item 1.01 above, on September 17, 2025, NCLC used a portion of the net proceeds from the Notes Offering to fund the Tender Offer. In addition, on September 17, 2025 and September 18, 2025, NCLC used the remaining net proceeds from the Notes Offering, together with cash on hand, to deposit with the applicable Trustee cash or government securities sufficient to pay the redemption price with respect to the 2026 Notes, the 2027 Notes and the 2029 Notes on the applicable redemption date, plus accrued and unpaid interest to, but excluding, the applicable redemption date. On September 18, 2025, the 2026 Notes Trustee, the 2027 Notes Trustee and the 2029 Notes Trustee confirmed that NCLC had satisfied and discharged its obligations under the 2026 Notes Indenture, the 2027 Notes Indenture and the 2029 Notes Indenture, respectively.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 above is incorporated into this Item 2.03 by reference.

Item 8.01 Other Events.

On September 8, 2025, NCLC issued a press release announcing the pricing of the Notes Offering. On September 12, 2025, NCLC issued a press release announcing the expiration and final results of the Tender Offer. Copies of the press releases are attached hereto as Exhibits 99.1 and 99.2, respectively, to this Current Report and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Exhibits.*

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| [4.1](https://www.sec.gov/Archives/edgar/data/1513761/000110465925091253/tm2526356d1_ex4-1.htm) | [Indenture, dated September 17, 2025, by and between NCL Corporation Ltd., as issuer, and U.S. Bank Trust Company, National Association, as trustee, relating to the 2031 Notes (incorporated herein by reference to Exhibit 4.1 to Norwegian Cruise Line Holdings Ltd.'s Form 8-K filed on September 18, 2025 (File No. 001-35784)).](https://www.sec.gov/Archives/edgar/data/1513761/000110465925091253/tm2526356d1_ex4-1.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1513761/000110465925091253/tm2526356d1_ex4-2.htm) | [Indenture, dated September 17, 2025, by and between NCL Corporation Ltd., as issuer, and U.S. Bank Trust Company, National Association, as trustee, relating to the 2033 Notes (incorporated herein by reference to Exhibit 4.2 to Norwegian Cruise Line Holdings Ltd.'s Form 8-K filed on September 18, 2025 (File No. 001-35784)).](https://www.sec.gov/Archives/edgar/data/1513761/000110465925091253/tm2526356d1_ex4-2.htm) |
| [99.1](tm2526381d1_ex99-1.htm) | [Press Release of NCL Corporation Ltd., dated September 8, 2025, relating to the pricing of the Notes Offering.](tm2526381d1_ex99-1.htm) |
| [99.2](tm2526381d1_ex99-2.htm) | [Press Release of NCL Corporation Ltd., dated September 12, 2025, relating to the expiration and final results of the Tender Offer.](tm2526381d1_ex99-2.htm) |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, NCL Corporation Ltd. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: September 18, 2025

---

| | | |
|:---|:---|:---|
| **NCL CORPORATION LTD.** | **NCL CORPORATION LTD.** | **NCL CORPORATION LTD.** |
| By: | /s/ Mark A. Kempa | /s/ Mark A. Kempa |
|  | Name: | Mark A. Kempa |
|  | Title: | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**NCL Corporation Ltd. Announces Pricing of $2,050.0 Million of Senior Notes**

MIAMI, September 8, 2025 (GLOBE NEWSWIRE) -- NCL Corporation Ltd. ("NCLC"), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) ("NCLH"), announced today that it has priced $1,200.0 million aggregate principal amount of its 5.875% senior notes due 2031 (the "2031 Unsecured Notes") and $850.0 million aggregate principal amount of its 6.250% senior notes due 2033 (the "2033 Unsecured Notes" and, collectively with the 2031 Unsecured Notes, the "Unsecured Notes"), which were offered in a private offering (the "Unsecured Notes Offering") that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").

The Unsecured Notes Offering is expected to close on September 17, 2025, subject to customary closing conditions. NCLC intends to use the net proceeds from the Unsecured Notes Offering, together with cash on hand, to (i) fund its separately announced concurrent tender offer (the "Tender Offer") for its 5.875% senior notes due 2026 (the "2026 Notes") and its 5.875% senior secured notes due 2027 (the "2027 Notes"), (ii) redeem all of the 2026 Notes and 2027 Notes that are not accepted for purchase in the Tender Offer, (iii) redeem all of its 8.125% senior secured notes due 2029 (the "2029 Notes") and (iv) pay accrued and unpaid interest on the 2026 Notes, the 2027 Notes and the 2029 Notes purchased or redeemed, as applicable, as well as pay related transaction premiums, fees and expenses. The Tender Offer and the redemption of the 2029 Notes are conditioned on the consummation of the Unsecured Notes Offering. The Unsecured Notes Offering, however, is not conditioned on the consummation of the Tender Offer (including the tender of any threshold amount of 2026 Notes and 2027 Notes as part of the Tender Offer) or the redemption of the 2029 Notes. The transactions described above will be essentially neutral to NCLC's leverage.

The Unsecured Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors pursuant to Regulation S. The Unsecured Notes will not be registered under the Securities Act or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release also shall not constitute an offer to purchase, a solicitation of an offer to sell, or a notice of redemption with respect to the 2026 Notes, the 2027 Notes or the 2029 Notes.

**About Norwegian Cruise Line Holdings Ltd.**

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company which operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. With a combined fleet of 34 ships and more than 71,000 Berths, NCLH offers itineraries to approximately 700 destinations worldwide. NCLH expects to add 13 additional ships across its three brands through 2036, which will add over 38,400 Berths to its fleet.

**Cautionary Statement Concerning Forward-Looking Statements**

Some of the statements, estimates or projections contained in this press release are "forward-looking statements" within the meaning 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 statements other than statements of historical facts contained in this press release, including statements regarding the Unsecured Notes Offering and the use of proceeds therefrom, may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like "expect," "anticipate," "goal," "project," "plan," "believe," "seek," "will," "may," "forecast," "estimate," "intend," "future" and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. For a discussion of these risks, uncertainties and other factors, please refer to the factors set forth under the sections entitled "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. These factors are not exhaustive and new risks emerge from time to time. There may be additional risks that we consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

**Investor Relations & Media Contact**

Sarah Inmon

(786) 812-3233

InvestorRelations@nclcorp.com

## Exhibit 99.2

**EXHIBIT 99.2**

**NCL Corporation Ltd. Announces Expiration, Pricing Terms and Results of its Debt Tender Offer**

MIAMI, September 12, 2025 (GLOBE NEWSWIRE) -- NCL Corporation Ltd. ("NCLC"), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) ("NCLH"), today announced the expiration and results of its previously announced cash tender offer (the "Tender Offer") to purchase any and all of its outstanding (i) 5.875% Senior Secured Notes due 2027 (the "2027 Notes") and (ii) 5.875% Senior Notes due 2026 (the "2026 Notes" and, collectively with the 2027 Notes, the "Notes" and each a "Series" of Notes). The terms and conditions of the Tender Offer are described in an Offer to Purchase dated September 8, 2025 (the "Offer to Purchase") and the accompanying Notice of Guaranteed Delivery (the "Notice of Guaranteed Delivery" and, together with the Offer to Purchase, the "Tender Offer Documents"). Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase.

The Tender Offer expired at 5:00 p.m., New York City time, on September 12, 2025 (the "Expiration Time"). As of the Expiration Time, $903,079,000 of the $1,000,000,000 outstanding aggregate principal amount of the 2027 Notes had been validly tendered and not validly withdrawn in the Tender Offer, representing 90.3% of the outstanding principal amount thereof. This includes $9,963,000 in aggregate principal amount of the 2027 Notes tendered pursuant to the guaranteed delivery procedures described in the Tender Offer Documents, the purchase of which remains subject to the Holders' performance of the delivery requirements under such procedures. In addition, as of the Expiration Time, $219,354,000 of the $225,000,000 outstanding aggregate principal amount of the 2026 Notes had been validly tendered and not validly withdrawn in the Tender Offer, representing 97.5% of the outstanding principal amount thereof. This includes $9,059,000 in aggregate principal amount of the 2026 Notes tendered pursuant to the guaranteed delivery procedures described in the Tender Offer Documents, the purchase of which remains subject to the Holders' performance of the delivery requirements under such procedures.

Information regarding the Notes, including the consideration (the "Tender Offer Consideration") payable for Notes validly tendered and not withdrawn and accepted for purchase in the Tender Offer, and the results of the Tender Offer is summarized in the following table:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CUSIP Numbers** | **Title of Security** | **Aggregate <br> Principal<br> Amount<br> Outstanding** | **Principal<br> Amount** <br> **Tendered &<br> Accepted<sup>(1) (2)</sup>** | **Reference <br> U.S.<br> Treasury<br> Security** | **Reference U.S.<br> Treasury Yield** | **Fixed Spread** | **Tender Offer<br> Consideration<sup>(3)</sup>** |
| 62886HB E0 <br> (Rule 144A);<br> G6436Q<br> AN6 (Reg S) | 5.875% <br> Senior<br> Secured<br> Notes due<br> 2027 | $1000000000 | $903079000 | 4.000% U.S. <br> Treasury due<br> February 15, 2026 | 3.987% | 50 bps | $1005.51 |
| 62886H BA8 <br> (Rule 144A); <br> G6436Q <br> AL0 (Reg S) | 5.875% <br> Senior <br> Notes due <br> 2026 | $225000000 | $219354000 | 4.000% U.S.<br> Treasury due<br> December 15, 2025 | 4.007% | 50 bps | $1003.30 |

---

(1) Inclusive of the aggregate principal amount of the Notes tendered pursuant to the guaranteed delivery
procedures described in the Tender Offer Documents, the purchase of which remains subject to the Holders' performance of the delivery
requirements under such procedures.

(2) Assumes that all Notes tendered pursuant to the guaranteed delivery procedures are delivered to the Tender
Agent at or prior to 5:00 p.m., New York City time, on September 16, 2025 and otherwise in accordance with the Notice of Guaranteed Delivery.

(3) Per $1,000 principal amount of Notes of a Series validly tendered, not validly withdrawn and accepted
for purchase. Excludes accrued and unpaid interest, which also will be paid to, but excluding, the Settlement Date (as defined below).

The applicable Tender Offer Consideration for each $1,000 in principal amount of Notes tendered at or prior to the Expiration Date and accepted for payment pursuant to the Tender Offer was determined in the manner described in the Offer to Purchase by reference to the applicable Fixed Spread specified in the table above for each Series of Notes over the applicable yield based on the bid-side price of the applicable Reference U.S. Treasury Security specified in the table above, as calculated by the Dealer Manager at 2:00 p.m., New York City time, on September 12, 2025. In addition to the applicable Tender Offer Consideration, accrued and unpaid interest to, but excluding, the Settlement Date will be paid in cash on all validly tendered Notes accepted for purchase in the Tender Offer. Holders of Notes subject to the Tender Offer who validly tendered and did not validly withdraw their Notes on or prior to the Expiration Date (or otherwise in accordance with the guaranteed delivery procedures set forth in the Tender Offer Documents) will receive the applicable Tender Offer Consideration, plus accrued and unpaid interest, to, but excluding the Settlement Date on September 17, 2025 (the "Settlement Date").

For Holders who delivered a Notice of Guaranteed Delivery and all other required documentation at or prior to the Expiration Date, upon the terms and subject to the conditions set forth in the Tender Offer Documents, the deadline to validly tender Notes using the guaranteed delivery procedures set forth in the Tender Offer Documents will be 5:00 p.m., New York City time, on September 16, 2025.

The Tender Offer is subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase, including the consummation of NCLC's offering (the "New Unsecured Notes Offering") of new senior notes (the "New Unsecured Notes") in an aggregate principal amount of $2,050.0 million on terms satisfactory to NCLC, in its sole discretion, on or prior to the Settlement Date and certain general conditions, in each case as described in more detail in the Offer to Purchase.

Assuming the receipt of an aggregate principal amount of the 2027 Notes tendered pursuant to the guaranteed delivery procedures described in the Tender Offer Documents such that Holders of not less than 90% of the outstanding 2027 Notes shall have validly tendered such 2027 Notes in the Tender Offer, on September 18, 2025, all of the 2027 Notes and the 2026 Notes that were not validly tendered and accepted for purchase in the Tender Offer will be redeemed, in each case at a redemption price equal to the applicable Tender Offer Consideration, plus accrued and unpaid interest to, but excluding, the redemption date.

Morgan Stanley & Co. LLC is the Dealer Manager for the Tender Offer. Global Bondholder Services Corporation is acting as Tender Agent and Information Agent. Persons with questions regarding the Tender Offer should contact Morgan Stanley & Co. LLC at (collect) (212) 761-1057, (toll-free) (800) 624-1808. Holders may obtain copies of the Offer to Purchase, the Notice of Guaranteed Delivery and other related materials through the following website: https://www.gbsc-usa.com/ncl. Any questions regarding the tendering of Notes should be directed to Global Bondholder Services Corporation at (toll-free) (855) 654-2014, (for banks and brokers) (212) 430-3774 or by email to contact@gbsc-usa.com.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. Further, nothing contained herein shall constitute a notice of redemption of the Notes or any other securities. The Tender Offer is being made only by the Tender Offer Documents and the information in this press release is qualified by reference to the Tender Offer Documents. None of NCLC or its affiliates, their respective boards of directors, the Dealer Manager, the Tender Agent, the Information Agent or the trustees with respect to any Notes is making any recommendation as to whether Holders should tender any Notes in response to the Tender Offer, and neither NCLC nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender.

The New Unsecured Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States, only to non-U.S. investors pursuant to Regulation S. The New Unsecured Notes will not be registered under the Securities Act or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

**About Norwegian Cruise Line Holdings Ltd.**

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company which operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. With a combined fleet of 34 ships and more than 71,000 Berths, NCLH offers itineraries to approximately 700 destinations worldwide. NCLH expects to add 13 additional ships across its three brands through 2036, which will add over 38,400 Berths to its fleet.

**Cautionary Statement Concerning Forward-Looking Statements**

Some of the statements, estimates or projections contained in this press release are "forward-looking statements" within the meaning 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 statements other than statements of historical facts contained in this press release, including statements regarding the Tender Offer and the New Unsecured Notes Offering and the use of proceeds therefrom, may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like "expect," "anticipate," "goal," "project," "plan," "believe," "seek," "will," "may," "forecast," "estimate," "intend," "future" and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. For a discussion of these risks, uncertainties and other factors, please refer to the factors set forth under the sections entitled "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. These factors are not exhaustive and new risks emerge from time to time. There may be additional risks that we consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

**Investor Relations & Media Contact**

Sarah Inmon

(786) 812-3233

InvestorRelations@nclcorp.com