Norwegian Makes Moves on Ship Finance Deals; Gains $386 Million

Norwegian Cruise Line Holdings has amended the export-credit backed facilities that finance Norwegian Bliss, Norwegian Breakaway, Norwegian Encore, Norwegian Escape, Norwegian Getaway and Norwegian Joy to incorporate the terms of a 12-month debt holiday initiative offered to the cruise industry by Euler Hermes Aktiengesellschaft, the official export credit agency of Germany, according to a statement.

The debt holiday was initiated to provide interim debt service and financial covenant relief for borrowers during the current global COVID-19 pandemic with respect to their Hermes guaranteed financings. Across the facilities, these amendments provide approximately $386 million of incremental liquidity to the company through April 2021.