Major Financing Completed by NCL!

Hi Everyone,

I received this press release from Norwegian Cruise Line and thought
it would be of interest. If you have missed any of my news' postings,
they are available on my web site.

Best regards,
Ray
LIGHTHOUSE TRAVEL
800-719-9917 or 805-566-3905
http://www.lighthousetravel.com


Major Corporate Financing Completed by NCL Corporation Ltd

``New NCL'' Raises Corporate Bank Debt and Issues Ten-Year Bond,
Totaling over $1 Billion in Support of Growth Strategy


MIAMI July 16, 2004
In a realignment of its corporate structure within the Star Cruises
Group, and through two new financing transactions, the newly named NCL
Corporation Ltd ("NCL Corp") has raised funds totaling $1.05 billion.
The proceeds will be used to refinance existing debt, and to fund the
continued renewal and growth of the fleet.

NCL Corp. is a new company formed directly under Star Cruises to hold
all of the North American based activities of the group. It contains
the NCL, NCL America and Orient Lines brands and operations as well as
all of the new ships in those businesses and the ships under
construction. It has been structured in such a way as to have an
independently strong balance sheet and to be capable of raising its
own funds for growth and other corporate purposes. The corporate
realignment was commenced at the end of 2003 and completed at the end
of April this year. The new financing transactions have been
undertaken by the newly formed NCL Corp. during the past two months
and both transactions closed this week.

NCL Corp. has agreed to a new six-year corporate level banking
facility of $800 million, comprising a $300 million term loan and a
$500 million revolving credit facility. The new facility was fully
underwritten by seven Norwegian and German shipping banks, including
lead arrangers Nordea and DnB NOR, and significantly over-subscribed
with firm commitments. This facility was entered into at the beginning
of last week and closed today.

NCL Corp. has also successfully closed its first private offering of
corporate bonds in the U.S. A $200 million issue of senior unsecured
notes with a 10-year maturity was announced in New York on Wednesday,
July 7 and the issue was subsequently upsized to $250 million and
successfully priced on Friday, July 9. The new bond issue will bear
interest at 10.625% to maturity on July 15, 2014. This financing was
also significantly oversubscribed and it closed on Thursday this week.

The credit rating agency ratings on NCL Corp. as issuer and the NCL
Corp. Bond Issue itself were respectively: Ba3/B2 from Moody's and
BB/B+ from Standard and Poors.

The senior notes have been offered in the United States only to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended. The senior notes have not been
registered under the Securities Act. Unless so registered, the senior
notes may not be offered or sold in the United States except pursuant
to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable state
securities laws. This press release does not constitute an offer to
sell or a solicitation of an offer to buy the senior notes in any
jurisdiction in which such an offer, solicitation or sale would be
unlawful.

The funds available through the two new financings will be used
partially to refinance certain existing debt, partially to purchase
the ex-SuperStar Leo (now trading as Norwegian Spirit) from Star
Cruises, and partially to create a liquidity pool for general
corporate purposes and fleet renewal and growth. Together with cash
already available to NCL Corp. prior to the two financings, a free
liquidity pool totaling over $460 million has been created in excess
of liquidity requirements associated with ships already under
construction.

The corporate realignment within the Star Cruises group also involved
Star injecting approximately $130 million of new equity into NCL Corp.
at the end of last year to cover the remaining equity installments on
the two new ships currently under construction at Meyer Werft
(Norwegian Jewel and Pride of Hawaii) as well as conversion of all
inter-company debt into equity.

Additionally, Star has acquired all six of the mid-sized ships in the
NCL and Orient Lines fleets and is chartering them back to those
fleets for periods ranging between one and six years. At the end of
the various charters, and coincidental with the introduction of new
ships into NCL Corp., the mid-sized ships will progressively be
transferred to Asia for operation by Star in various Asian markets.
Star has also assumed the $403 million of debt on these ships that
previously was an obligation within NCL Corp.

Commenting on the new corporate structure and the new financings,
Chairman and CEO of Star Cruises Tan Sri K T Lim said: "In NCL Corp.
we have created a transparent and self-contained structure for the
North American part of the Star Cruises group. We have shown now that
we can raise money in the U.S. capital markets at the NCL Corp. level
and we have created a sizeable liquidity pool that considerably
strengthens the NCL Corp. balance sheet and will enable us to press
ahead with our plans to renew the NCL fleet, grow our U.S. flag
operations and expand the overall business."

NCL Corp.'s President and CEO Colin Veitch said: "This is definitely a
big step forward for NCL Corp. and one that will lead to all kinds of
interesting developments in the future. The support of our parent has
been invaluable in strengthening the NCL Corp. balance sheet and
creating the mechanism to ensure an orderly transition from a mixed
fleet with several mid-sized ships to a brand new fleet of large
purpose-built Freestyle Cruising ships in the space of just a few
years."

For reservations and more information, contact a travel agent.

"Ray Goldenberg" wrote in message
...
Hi Everyone,

I received this press release from Norwegian Cruise Line and thought
it would be of interest. If you have missed any of my news' postings,
they are available on my web site.

Best regards,
Ray
LIGHTHOUSE TRAVEL
800-719-9917 or 805-566-3905
http://www.lighthousetravel.com


Major Corporate Financing Completed by NCL Corporation Ltd

``New NCL'' Raises Corporate Bank Debt and Issues Ten-Year Bond,
Totaling over $1 Billion in Support of Growth Strategy


MIAMI July 16, 2004
In a realignment of its corporate structure within the Star Cruises
Group, and through two new financing transactions, the newly named NCL
Corporation Ltd ("NCL Corp") has raised funds totaling $1.05 billion.

That will buy 2 ships.

--Tom

"Tom & Linda" wrote in message
...

Major Corporate Financing Completed by NCL Corporation Ltd

``New NCL'' Raises Corporate Bank Debt and Issues Ten-Year Bond,
Totaling over $1 Billion in Support of Growth Strategy


MIAMI July 16, 2004
In a realignment of its corporate structure within the Star Cruises
Group, and through two new financing transactions, the newly named NCL
Corporation Ltd ("NCL Corp") has raised funds totaling $1.05 billion.

That will buy 2 ships.

--Tom

http://www.usatoday.com/travel/news/...tm?POE=TRVISVA

Another change for NCL in the above link. While I have no problem with tips
being added to the sail n sign card, this is going too far IMHO.

Gordon