S&P Upgrades Norwegian Cruise Line Credit Rating

Posted on 13 March, 2024 by Spacejunkie2

Norwegian Bliss in Ponta Delgarda, Azores photo credit Spacejunkie2 Flickr Account

Norwegian Cruise Line Holdings today announced that S&P Global Ratings (S&P) has recently upgraded NCLC’s (NCL Corporation, a subsidiary of Norwegian Cruise Line Holdings) issuer credit rating and issue-level ratings.

NCLC’s issuer credit rating has been upgraded to B+, marking a notable improvement in the company’s creditworthiness, according to a press release.

In addition, S&P has raised the issue-level ratings on NCLC’s existing secured and unsecured debt. The company’s senior secured debt ratings were raised to BB/BB- and its unsecured debt rating was upgraded two notches to B.

S&P highlighted several factors for the upgrade, including NCLC’s current forward-booked position, increased capacity, occupancy recovery, and higher pricing providing good revenue and cash flow visibility for 2024. In addition, S&P noted that the Company’s leverage will benefit from higher revenue, EBITDA, and cash as it generates a full year of operations from its 2023 ship deliveries, without incurring incremental ship delivery debt in 2024.

Further enhancing its financial position, on March 7, 2024, the company successfully completed the refinancing of its $650 million backstop commitment. This commitment has been refinanced from a secured to an unsecured commitment, and as part of this refinancing, the company has repaid its $250 million 9.75% senior secured notes due 2028, eliminating its highest interest rate debt.

“The upgraded ratings are an important recognition of the strength of our business and our ability to reduce leverage,” commented Mark A. Kempa, executive vice president and chief financial officer of Norwegian Cruise Line Holdings Ltd. He continued, “Our recent refinancing, which reduces interest costs while releasing the related collateral, is a clear demonstration of our commitment to de-levering and improving our balance sheet.”

Crime Meets Cruise on Vasco Da Gama

Posted on 3 March, 2024 by Spacejunkie2

Following the success of the first crime thriller cruise in 2023, Nicko Cruises is once again hosting a crime-themed cruise onboard the Vasco da Gama, according to a press release.

Sailing from August 8 to August 20, 2024, the 17-day cruise around Great Britain with moderator Uwe Bahn is all about mystery, criminal cases and investigations, as well as visiting destinations across the UK such as Edinburgh, Dundee and Belfast.

The onboard program ranges from crime quizzes to crime talk and live podcast hearings to crime readings and more. Guests will have the opportunity to find out how realistic their favorite crime films and series are and what a real court reporter does.

Real crime scene fans can also meet actor Dietmar Bär at the Meet&Greet who will join guests for crime readings.

Guests onboard the Vasco da Gama will also get to explore Ireland and Scotland on this journey.

Sir Richard Branson Surprises Passengers on Delta Flight with Free Cruise

Posted on 2 March, 2024 by Spacejunkie2

Virgin Group founder Sir Richard Branson surprised passengers when he walked onto a Delta flight heading from Atlanta to San Juan, according to a press release.

Virgin Voyages and Delta Airlines teamed up to surprise 160+ passengers with a free cruise aboard the Resilient Lady to celebrate the ship’s launch in Puerto Rico later this year. Branson boarded the flight to personally gift all SkyMiles Members on the flight (18 and older) a free cruise during the ship’s inaugural season in San Juan later this year.

“The Caribbean has been my home for many years, and I’m very excited to welcome Resilient Lady as she sails from San Juan to visit the region’s most beautiful destinations,” said Branson. “My excitement clearly couldn’t be contained, so we came up with a way to celebrate with a personal invitation and surprise for some unsuspecting guests on a Delta flight to San Juan. We’re grateful for our partners at Delta who joined in on the fun and have also been long-time venture partners of our airline, Virgin Atlantic. We look forward to showing everyone what it’s like to Set Sail the Virgin Way!”

Before boarding, Virgin Voyages hosted a full departure gate takeover, bringing to life elements of the ship’s onboard experience at Hartsfield-Jackson Atlanta International Airport. Fliers were treated to original choreography from Virgin Voyages’ entertainment team, vignettes at the gate, specialty drinks and music.

Branson was joined by Delta’s SVP and Chief Communications Officer, Tim Mapes, for a game of roulette. Customers and passersby alike were invited to spin the wheel of prizes, which included Delta and Virgin Atlantic flights, Virgin Hotel stays, a Virgin Voyages cruise, a Delta Vacation package, gift cards and more.

“When two award-winning brands come together, they create magic for their customers. Delta is thrilled to have partnered with Sir Richard Branson and Virgin Voyages for this special surprise-and-delight for our SkyMiles Members on the flight,” said Mapes. “This is one more way in which we’re adding value to the program and unlocking exclusive experiences for our Members. Stay tuned for more with Virgin Voyages.”