Norwegian Cruise Line Holdings expands credit facility to $2.49 billion

MIAMI - Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) announced Thursday it has upsized its existing senior secured revolving credit facility from $1.7 billion to $2.486 billion, maintaining the original terms and 2030 maturity date. According to InvestingPro data, the company currently operates with total debt of $14.8 billion and a current ratio of 0.19, indicating tight liquidity management.

The expanded credit facility provides the cruise operator with additional liquidity and financial flexibility as it pursues its strategic initiatives.

"The upsizing of our revolving credit facility significantly enhances our liquidity, representing another key step in further optimizing our capital structure," said Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd., in a press release statement.

Norwegian Cruise Line Holdings operates three cruise brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. The company currently maintains a fleet of 33 ships with approximately 70,050 berths, serving around 700 destinations worldwide.

According to the company, it plans to add 12 additional vessels across its three brands through 2036, which would increase its total capacity by over 37,500 berths.

The cruise operator did not disclose specific plans for utilizing the expanded credit facility beyond stating it would support the company’s "long-term growth trajectory."

Norwegian Cruise Line Holdings trades on the New York Stock Exchange under the ticker symbol NCLH.

In other recent news, Norwegian Cruise Line Holdings reported its first-quarter earnings for 2025, which showed a slight miss on both earnings per share (EPS) and revenue compared to expectations. The company posted an adjusted EPS of $0.07, falling short of the anticipated $0.09, while revenue reached $2.13 billion, just under the forecast of $2.15 billion. Despite these challenges, Norwegian Cruise Line exceeded its adjusted EBITDA guidance at $453 million, showcasing resilience through improved net yields and strong future bookings. Analyst firms have adjusted their outlooks in response to these developments. Stifel maintained a Buy rating with a price target of $26.00, acknowledging improved booking trends and a stable macroeconomic environment. Conversely, BofA Securities reduced its price target to $20.00, citing booking volatility and a softened 12-month forward booked position. Goldman Sachs also lowered its target to $18.00 but upheld a Buy recommendation, noting discrepancies in net yield guidance compared to competitors. These recent developments reflect a cautious yet optimistic view of Norwegian Cruise Line’s future prospects amidst industry-wide challenges.

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