More News

NCLH prices increased $600 million note offering at 8.375%

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 20 January 2023 20 January 2023

NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd. (NCLH) said it has priced $600.0 million aggregate principal amount of its 8.375% senior secured notes due 2028, which were offered in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended.

The aggregate principal amount of notes to be issued was increased to $600 million from the previously announced $500 million, the company said in a statement.

"The offering of the Notes is expected to close on February 2, 2023, subject to customary closing conditions. We intend to use the net proceeds from the Notes Offering to repay the term loans outstanding under our senior secured credit facility that will become due in January 2024, including to pay any accrued and unpaid interest thereon, as well as related premiums, fees and expenses,” NCLH said.

The notes and the related guarantees would be secured by first-priority interests in, among other things and subject to certain agreed security principles, 13 vessels that also secure NCLH’s senior secured credit facility. “The Notes will be guaranteed by our subsidiaries that own the vessels that will secure the Notes,” NCLH said.

MSC Cruises named the official cruise line partner of the New York Knicks

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 18 January 2023 18 January 2023

Madison Square Garden Sports Corp. announced today a multi-year marketing partnership with MSC Cruises, naming one of the world’s largest cruise brands the Official Cruise Line Partner of the New York Knicks. Through the partnership, MSC Cruises will receive significant brand promotion during all Knicks games at The Garden including LED Signage and Virtual On-Court Signage. MSC Cruises will also serve as the Presenting Partner of the Knicks in-game T-Shirt Toss.

As the Knicks first global rights marketing partner, the organization will work with MSC Cruises to create new activations in overseas markets, which could include Italy, Germany, England and Brazil. They will work together to provide unique content and brand promotion to continue growing the game of basketball.

“MSC Cruises is one of the world’s top-rated contemporary cruise lines with a long history of putting their customers first, a value that MSG Sports lives by every day, making them a fantastic addition to our illustrious group of marketing partners,” said David Hopkinson, President & COO, Madison Square Garden Sports Corp. “This partnership will also make MSC Cruises our first-ever global rights marketing partner. MSC Cruises will be involved within the Knicks organization across digital channels and fan activations and will provide once-in-a-lifetime experiences for our incredible Jr. Knicks program.”

“Our partnership with MSG and the New York Knicks is symbolic of our overall commitment to New York City with the upcoming launch of year-round cruises from the Brooklyn Cruise Terminal onboard MSC Meraviglia,” said Rubén A. Rodríguez, President, MSC Cruises USA. “At MSC Cruises, we’re focused on improving the communities we serve by supporting families and furthering sustainability efforts. MSG and the Knicks share those priorities, and we’re thrilled to be combining our efforts right here in New York City, as well as throughout the more than 40 countries that make up our global itineraries.”

Together, the Knicks and MSC Cruises will partner on a sustainability initiative which will provide a donation to an Ocean Conservation Cause for every three-pointer made by the Knicks this season. Throughout the year, GardenVision and Knicks Digital Channels will run features about the program and provide updates on the amount donated to that point in time.

This spring, the Knicks will host a Jr. Knicks clinic at the basketball court aboard MSC Meraviglia during her inaugural call at the Brooklyn Cruise Terminal. Participants in the clinic will take part in basketball drills, skills and training as well as play games run by the Jr. Knicks coaching staff. Participants will also have the opportunity to meet with Knicks alumni and receive branded giveaways from the Knicks and MSC Cruises.

In addition to the partnership with the Knicks, MSC Cruises will also come on board as the Official Cruise Line Partner for the Westchester Knicks and Knicks Gaming, which includes LED signage for all Westchester Knicks home games and virtual on-court signage for all Knicks Gaming home games. Finally, MSC Cruises will be displayed on the digital boards outside of Madison Square Garden, which are visible to the millions of people who walk by The Garden every day.

CLIA study indicates strong UK & Ireland Wave season

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 18 January 2023 18 January 2023

Cruise Lines International Association (CLIA) has released results from a new consumer sentiment survey, showing the demand for cruise holidays continues to increase.

The survey was carried out with 4,500 domestic and international travellers. It reveals that for UK passengers:

91% of respondents who have cruised previously said they intend to take a holiday at sea again, a 14% increase from 2019
Of those who have never cruised, 72% are open to cruising, a 1% increase from 2019
Of these two groups, 58% say they will book a cruise in the next two years

Sixty one percent of respondents who have cruised previously said they later returned to a destination they had first visited via cruise ship. The Mediterranean and Caribbean are the most re-visited destinations.

Andy Harmer, CLIA UK & Ireland managing director, said in a statement: “With the crucial Wave booking period now well under way, 2023 is shaping up to be a very positive year for the cruise industry, so we're thrilled to see this level of interest and demand from holidaymakers. The incredible array of cruise ships, destinations and onboard experiences means there really is something for everyone who is considering a sea getaway.”

The sentiment data is based on an independent, international survey of 4,500 holidaymakers in nine countries: the UK, France, Germany, Italy, Spain, the USA, Canada, Australia and Brazil, CLIA said.

Study finds Meyer Turku grew business network and turnover 2018-21

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 17 January 2023 17 January 2023

A study on the economic impact of the Meyer Turku shipyard and its supplier network has found that the network expanded and its turnover increased between the years 2018-21.

In the three years of the review period, the number of companies that sell their products and services directly to the shipbuilder expanded by roughly 100 companies to 1,323. Of these, 935 were Finnish and 338 foreign entities.

The turnover of Meyer Turku and its supplier and contractor network grew by 9% to €2.1 billion in the three year review period.

Commenting on the findings of the study that was made for the third time, Deputy Managing Director Tapani Pulli said that Meyer Turku had been sable to maintain its targeted growth rate of 4% to 5% and that cooperation between the shipyard and its network of suppliers and contractors played a crucial role in this. The cooperation will deepen further in the future as sustainability will gain importance in the development of the business of Meyer Turku, Pulli said.

Royal Caribbean Group extends maturity of two credit facilities

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 16 January 2023 16 January 2023

Royal Caribbean Group said it has successfully amended and extended the majority of its two unsecured revolving credit facilities. “The amendment has extended the maturities of $2.3 billion of the $3.0 billion aggregate revolving capacity by one year to April 2025, with the remainder maturing in April 2024,” the world’s second largest cruise shipping group said in a statement.

"The successful extension of our credit facilities is a testament to our strong relationship with key lenders and their confidence in the Royal Caribbean Group," said Naftali Holtz, chief financial officer.

"Our liquidity position remains strong and strengthening driven by our strong booked position, and delivering positive EBITDA cash flow generation," added Holtz. "This extension, coupled with the repayment of $0.6 billion of debt in the fourth quarter of 2022, is a continuation of our proactive and methodic improvement of the balance sheet as we seek to return to an investment grade profile balance sheet."