Norwegian Cruise Line Holdings Ltd. disclosed that on Jan. 29 it amended three separate credit agreements to, among other items, suspend testing of certain covenants.

Via the amendment, testing of the loan to value, debt to capitalization, and EBITDA to debt service covenants has been suspended through the maturity of the Pride of America credit agreement and Jewel credit agreement. Testing of those same covenants, meanwhile, has also been suspended through Dec. 31, 2022, for the credit agreement among Norwegian and Voyager Vessel Company. In each of these three credit agreements, the free liquidity test has been replaced by a covenant to maintain at least $200 million in free liquidity. Also the amortization payments due on the term loan A and term loan A-1 loans held by lenders in the Voyager credit facility have been deferred through June 30, 2022.

In April 2020 Norwegian amended the $230 million term loan (the Pride of America credit agreement) to extend the maturity to January 2022. In May 2020, Norwegian amended its $260 million credit agreement (the Jewel credit agreement) to defer amortization payments. The Voyager credit agreement outlines commitments of $1.633 billion for a term loan A, $1.287 billion for a term loan A-1, and $875 million for a revolver.

NCL Corp. is rated B+/B2.