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L Catterton Makes $600 Million Return on Norwegian Cruise Bonds

Mar 10, 2021 | News | 0 comments

Private equity firm L Catterton’s investment in Norwegian Cruise Line Holdings Ltd. has paid off with a $600 million gain in less than one year, amounting to returns of more than 150%.

The cruise ship operator said it has agreed to pay $1.03 billion to buy back bonds that it sold to the private equity firm in May for $400 million. Norwegian has sold around $1.4 billion of shares to finance the purchase, according a filing Tuesday evening. Leftover proceeds will go to general corporate purposes.

Cruise companies have had to issue billions of dollars of shares and bonds to raise money to get them through the Covid-19 crisis, which shuttered the industry and left corporations burning cash.

Representatives for the company and L Catterton didn’t immediately respond to requests for comment.

The notes were structured as exchangeable debt, meaning they could be traded in for equity, and matured in 2026. Norwegian’s shares traded around $16.07 on May 28 when the original sale of the notes closed, compared with $29.73 at Tuesday’s close.

Scott Dahnke, global co-chief executive officer of L Catterton, resigned from Norwegian Cruise Line Holdings’ board of directors effective immediately, according to Tuesday’s statement.

Source: Yahoo Finance

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Norwegian Cruise Line Holdings Ltd.

Bmg667211046, hotels, motels & cruise lines.

• NCL Corporation Ltd. Announces $400 Million Investment by L Catterton

MIAMI, May 05, 2020 (GLOBE NEWSWIRE) -- NCL Corporation Ltd. (“NCLC”), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (“NCLH”, or the “Company”), announced a private placement of up to $400 million in aggregate principal amount of exchangeable senior notes due 2026 (the “Private Exchangeable Notes”) to an affiliate of L Catterton.

“We are pleased to execute this agreement with L Catterton, the largest and most global consumer-focused private equity firm in the world,” said Frank Del Rio, president and chief executive officer of Norwegian Cruise Line Holdings Ltd. “ L Catterton is the ideal partner for our Company as they recognize the remarkable resilience the cruise industry has demonstrated over the past 50 years, appreciate the long-term global demand for cruise vacations, and value our Company’s long track record of growth, execution and success. We look forward to working with their highly experienced team and broad collection of portfolio companies to identify and capture additional value across a range of strategic and operational levers.”

Scott Dahnke, Global co-CEO of L Catterton, said, “The cruise industry has been very resilient over a long period of time, driven by strong secular tailwinds and a high level of guest satisfaction. People enjoy cruising, with many guests taking multiple voyages over time. The industry has overcome numerous challenges in the past, and we expect that the industry will rebound and prosper with even further enhancements to their already rigorous health and safety protocols in place in the future. Within the industry, the three brands of Norwegian Cruise Line Holdings have carved out distinctive leadership positions in their respective markets, guided capably by Frank Del Rio and his exceptional management team. We couldn’t be more excited to support the team at Norwegian as they work through this suspension of travel and begin to commence operations after their voluntary suspension of voyages.”

The Private Exchangeable Notes will be general senior unsecured obligations of NCLC, guaranteed by NCLH, and will be exchangeable at the holder’s option at any time prior to the close of business on the business day immediately preceding the maturity date into Series A Preference Shares of NCLC, which shall be automatically exchangeable into a number of ordinary shares of NCLH.

Material Terms:

• The Private Exchangeable Notes will accrue payment-in-kind interest at a rate of 7.0% per annum for the first year post-issuance, 4.5% per annum payment-in-kind interest plus 3.0% per annum cash interest for the following four years post issuance and 7.5% in cash for the final year prior to maturity;
• L Catterton will be entitled to nominate one member to the Company’s board of directors so long as a minimum ownership threshold is met, as well as one observer to the Company’s board of directors;
• The closing of the Private Exchangeable Notes is expected to occur upon the satisfaction of certain customary closing conditions, including a condition that the Company raises at least $1.0 billion in proceeds (net of underwriting discounts and repaid indebtedness) in the aggregate from other offerings;
• L Catterton will have certain registration rights in respect of the ordinary shares underlying the Private Exchangeable Notes and will be subject to certain customary transfer, voting and standstill restrictions, including a one-year lock-up agreement.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Goldman Sachs & Co. LLC acted as placement agent to the Company.

About Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. With a combined fleet of 28 ships with approximately 59,150 berths, these brands offer itineraries to more than 490 destinations worldwide. The Company will introduce nine additional ships through 2027.

About L Catterton

With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton's team of more than 190 investment and operating professionals with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault. For more information about L Catterton, please visit www.lcatterton.com.

Cautionary Statement Concerning Forward-Looking Statements

Some of the statements, estimates or projections contained in this press release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our business strategy, financial position, results of operations, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, valuation and appraisals of our assets and objectives of management for future operations (including those regarding expected fleet additions, our voluntary suspension, our ability to weather the impacts of the COVID-19 pandemic, operational position, demand for voyages, financing opportunities and extensions, and future cost mitigation and cash conservation efforts and efforts to reduce operating expenses and capital expenditures) are forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the impact of:

• COVID-19 on our financial condition and operations, which adversely affects our ability to obtain acceptable financing in an amount equal to the resulting reduction in cash from operations, and the current, and uncertain future, other impacts of the COVID-19 outbreak, including its effect on the ability or desire of people to travel (including on cruises), which are expected to continue to adversely impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price;
• our ability to develop strategies to enhance our health and safety protocols to adapt to the current pandemic environment’s unique challenges once operations resume and to otherwise safely resume our operations when conditions allow; 
• coordination and cooperation with the CDC, the federal government and global public health authorities to take precautions to protect the health, safety and security of guests, crew and the communities visited and the implementation of any such precautions;
• the accuracy of any appraisals of our assets as a result of the impact of COVID-19 or otherwise;
• the ability to obtain deferrals on our debt payments;
• our success in reducing operating expenses and capital expenditures and the impact of any such reductions;
• our guests’ election to take cash refunds in lieu of future cruise credits or the continuation of any trends relating to such election;
• trends in, or changes to, future bookings and our ability to take future reservations and receive deposits related thereto;
• our ability to work with lenders and others or otherwise pursue options to defer or refinance our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises;
• adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events;
• adverse incidents involving cruise ships;
• adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence;
• the spread of epidemics, pandemics and viral outbreaks;
• our anticipated need for additional financing, which may not be available on favorable terms, or at all, and may be dilutive to existing shareholders;
• our ability to raise sufficient capital and/or take other actions to improve our liquidity position or otherwise meet our liquidity requirements that are sufficient to eliminate the substantial doubt about our ability to continue as a going concern;
• an impairment of our trademarks, trade names or goodwill, including in connection with the preparation of our financial statements as of March 31, 2020;
• breaches in data security or other disturbances to our information technology and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection;
• changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs;
• mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities;
• the risks and increased costs associated with operating internationally;
• fluctuations in foreign currency exchange rates;
• the unavailability of ports of call;
• overcapacity in key markets or globally;
• our expansion into and investments in new markets;
• our inability to obtain adequate insurance coverage;
• our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements;
• pending or threatened litigation, investigations and enforcement actions;
• volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees;
• our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues;
• our reliance on third parties to provide hotel management services for certain ships and certain other services;
• future increases in the price of, or major changes or reduction in, commercial airline services;
• our inability to keep pace with developments in technology;
• changes involving the tax and environmental regulatory regimes in which we operate; and
• other factors set forth under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019.

Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown.

The above examples are not exhaustive and new risks emerge from time to time. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

Investor Relations & Media Contact

Andrea DeMarco (305) 468-2339 [email protected]

Jessica John (786) 913-2902

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NCL Corporation Ltd. Announces Closing of $400 Million Investment by L Catterton

MIAMI , May 28, 2020 (GLOBE NEWSWIRE) -- NCL Corporation Ltd. (“NCLC”), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (“NCLH”, or the “Company”), announced today that it closed its previously announced private placement of $400 million in aggregate principal amount of its exchangeable senior notes due 2026 (the “Private Exchangeable Notes”) to an affiliate of L Catterton. NCLC expects to use the net proceeds from the placement of the Private Exchangeable Notes for general corporate purposes.

The Private Exchangeable Notes will be general senior unsecured obligations of NCLC, guaranteed by NCLH, and will be exchangeable at the holder’s option at any time prior to the close of business on the business day immediately preceding the maturity date into Series A Preference Shares of NCLC, which shall be automatically exchangeable into a number of ordinary shares of NCLH. The initial exchange rate per $1,000 principal amount of Private Exchangeable Notes is approximately 82.6446 ordinary shares of NCLH, which is equivalent to an initial exchange price of $12.10 per ordinary share, subject to future adjustment in certain circumstances.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Goldman Sachs & Co. LLC acted as placement agent to the Company.

About Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company which operates the Norwegian Cruise Line , Oceania Cruises and Regent Seven Seas Cruises brands. With a combined fleet of 28 ships with approximately 59,150 berths, these brands offer itineraries to more than 490 destinations worldwide. The Company will introduce nine additional ships through 2027.

About L Catterton

With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton's team of nearly 200 investment and operating professionals partner with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault . For more information about L Catterton, please visit www.lcatterton.com .

Cautionary Statement Concerning Forward-Looking Statements

Some of the statements, estimates or projections contained in this press release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our business strategy, financial position, results of operations, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, valuation and appraisals of our assets and objectives of management for future operations (including those regarding expected fleet additions, our voluntary suspension, our ability to weather the impacts of the COVID-19 pandemic, operational position, demand for voyages, financing opportunities and extensions, and future cost mitigation and cash conservation efforts and efforts to reduce operating expenses and capital expenditures) are forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the impact of:

• the spread of epidemics, pandemics and viral outbreaks, and specifically, COVID-19, on our financial condition and operations, which adversely affects our ability to obtain acceptable financing in an amount equal to the resulting reduction in cash from operations, and the current, and uncertain future, other impacts of the COVID-19 outbreak, including its effect on the ability or desire of people to travel (including on cruises), which are expected to continue to adversely impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price;
• our ability to develop strategies to enhance our health and safety protocols to adapt to the current pandemic environment’s unique challenges once operations resume and to otherwise safely resume our operations when conditions allow; 
• coordination and cooperation with the CDC, the federal government and global public health authorities to take precautions to protect the health, safety and security of guests, crew and the communities visited and the implementation of any such precautions;
• the accuracy of any appraisals of our assets as a result of the impact of COVID-19 or otherwise;
• our success in reducing operating expenses and capital expenditures and the impact of any such reductions;
• our guests’ election to take cash refunds in lieu of future cruise credits or the continuation of any trends relating to such election;
• trends in, or changes to, future bookings and our ability to take future reservations and receive deposits related thereto;
• the unavailability of ports of call;
• future increases in the price of, or major changes or reduction in, commercial airline services;
• our ability to work with lenders and others or otherwise pursue options to defer or refinance our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises;
• adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events;
• adverse incidents involving cruise ships;
• adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence;
• our potential future need for additional financing, which may not be available on favorable terms, or at all, and may be dilutive to existing shareholders;
• any further impairment of our trademarks, trade names or goodwill;
• breaches in data security or other disturbances to our information technology and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection;
• changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs;
• mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities;
• the risks and increased costs associated with operating internationally;
• fluctuations in foreign currency exchange rates;
• overcapacity in key markets or globally;
• our expansion into and investments in new markets;
• our inability to obtain adequate insurance coverage;
• our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements;
• pending or threatened litigation, investigations and enforcement actions;
• volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees;
• our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues;
• our reliance on third parties to provide hotel management services for certain ships and certain other services;
• our inability to keep pace with developments in technology;
• changes involving the tax and environmental regulatory regimes in which we operate; and
• other factors set forth under “Risk Factors” in our most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings with the Securities and Exchange Commission .

Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown.

The above examples are not exhaustive and new risks emerge from time to time. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

Investor Relations & Media Contact

Andrea DeMarco (305) 468-2339 [email protected]

Jessica John (786) 913-2902

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Cruise And Ferry

L Catterton CEO joins Norwegian Cruise Line Holdings board

US-based private equity firm invested $400m in the cruise major in May

Norwegian Cruise Line Holdings has appointed L Catterton chief executive Scott Dahnke to its board of directors after receiving a $400m investment from the private equity firm.

US-based L Catterton took the stake in early May in the form of exchangeable senior notes due in 2026.

Dahnke's appointment to the board will become effective on Wednesday.

“Scott’s extensive experience partnering with and building leading consumer brands over multiple decades will be invaluable to our board," chairman Russell Galbut said in a statement.

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Norwegian Gets $400 Million But Isn’t Sure It Can Survive (1)

By Jonathan Levin

Norwegian Cruise Line Holdings Ltd. secured a $400 million investment from private equity firm L Catterton , but it also told the U.S. Securities and Exchange Commission that the disruption from the coronavirus pandemic means the travel company might not survive.

L Catterton is making the infusion into Norwegian’s NCL Corp. unit through a private placement of exchangeable senior notes due in 2026, NCL said in a statement Tuesday. The private equity firm will receive a board seat and a board observer.

In a filing Tuesday, Norwegian updated a previous filing to reflect management’s “substantial doubt” in the cruise company’s ...

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Norwegian Cruise Lines Builds Liquidity with L Catterton

• By John McNulty
• May 7, 2020

Norwegian Cruise Lines (NYSE: NCLH) is a global cruise company which operates the Norwegian Cruise Line , Oceania Cruises and Regent Seven Seas Cruises brands. The company’s cruise itineraries range from a few days to 180-days calling on various locations, including destinations in Scandinavia, Russia, the Mediterranean, the Greek Isles, Alaska, Canada and New England, India and the rest of Asia, Tahiti and the South Pacific, Australia and New Zealand, Africa, South America, the Panama Canal, and the Caribbean. Norwegian Cruise Lines was founded in 1966 and is headquartered in Miami.

In addition to the new funds from L Catterton, NCL announced this morning that it has raised an additional $1.8 billion of capital comprised of $400 million in new equity and $1.4 billion in new bonds. NCL now has more than $3.5 billion of liquidity, which is enough for it to last for more than 12 months of voyage suspensions.

Norwegian Cruise Lines is the smallest of the big three cruise operators – behind Carnival Cruise Lines and Royal Caribbean Cruises – and suspended its operations in mid-March due to the COVID-19 pandemic. The Centers for Disease Control and Prevention last month extended its No Sail Order until July 24. Many cruise companies are now considering resuming North American cruises on a limited basis beginning August 1.

The newly issued notes purchased by L Catterton are senior unsecured obligations of NCLC, guaranteed by NCLH, and are exchangeable at any time into preferred shares of NCLC and are automatically exchangeable into ordinary shares of NCLH. The notes are due in 2026 and accrue payment-in-kind interest of 7.0% for the first year; payment-in-kind interest of 4.5% and cash interest at 3.0% for the next four years; and cash interest at 7.5% in the final year.

Norwegian Cruise Lines has a combined fleet of 28 ships with more than 59,000 berths. The company has nine new ships on order which are scheduled for delivery through 2027, however the company expects delivery of the new vessels to be delayed as a result of COVID-19.

“Within the industry, the three brands of Norwegian Cruise Lines have carved out distinctive leadership positions in their respective markets, guided capably by Frank Del Rio and his exceptional management team,” added Mr. Dahnke. “We couldn’t be more excited to support the team at Norwegian as they work through this suspension of travel and begin to commence operations after their voluntary suspension of voyages.”

Goldman Sachs & Co. was the placement agent to Norwegian Cruise Lines on this transaction.

Private Equity Professional | May 7, 2020

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Norwegian Announces Closing of $400 Million Investment by L Catterton

• May 29, 2020

Norwegian Cruise Line Holdings announced that it closed its previously announced private placement of $400 million in aggregate principal amount of its exchangeable senior notes due 2026 to an affiliate of L Catterton.

The Private Exchangeable Notes will be general senior unsecured obligations of the company, and will be exchangeable at the holder’s option at any time prior to the close of business on the business day immediately preceding the maturity date into Series A Preference Shares of NCLC, which shall be automatically exchangeable into a number of ordinary shares of NCLH.

The initial exchange rate per $1,000 principal amount of Private Exchangeable Notes is approximately 82.6446 ordinary shares of NCLH, which is equivalent to an initial exchange price of $12.10 per ordinary share, subject to future adjustment in certain circumstances.

Goldman Sachs & Co. LLC acted as placement agent to the Company

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Ncl corporation ltd. announces closing of $400 million investment by l catterton.

MIAMI, May 28, 2020 (GLOBE NEWSWIRE) -- NCL Corporation Ltd. (“NCLC”), a subsidiary of Norwegian Cruise Line Holdings Ltd. ( NCLH ) (“NCLH”, or the “Company”), announced today that it closed its previously announced private placement of $400 million in aggregate principal amount of its exchangeable senior notes due 2026 (the “Private Exchangeable Notes”) to an affiliate of L Catterton. NCLC expects to use the net proceeds from the placement of the Private Exchangeable Notes for general corporate purposes.

The Private Exchangeable Notes will be general senior unsecured obligations of NCLC, guaranteed by NCLH, and will be exchangeable at the holder’s option at any time prior to the close of business on the business day immediately preceding the maturity date into Series A Preference Shares of NCLC, which shall be automatically exchangeable into a number of ordinary shares of NCLH. The initial exchange rate per $1,000 principal amount of Private Exchangeable Notes is approximately 82.6446 ordinary shares of NCLH, which is equivalent to an initial exchange price of $12.10 per ordinary share, subject to future adjustment in certain circumstances.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Goldman Sachs & Co. LLC acted as placement agent to the Company.

About Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd. ( NCLH ) is a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. With a combined fleet of 28 ships with approximately 59,150 berths, these brands offer itineraries to more than 490 destinations worldwide. The Company will introduce nine additional ships through 2027.

About L Catterton

With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton's team of nearly 200 investment and operating professionals partner with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault. For more information about L Catterton, please visit www.lcatterton.com.

Cautionary Statement Concerning Forward-Looking Statements

Some of the statements, estimates or projections contained in this press release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our business strategy, financial position, results of operations, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, valuation and appraisals of our assets and objectives of management for future operations (including those regarding expected fleet additions, our voluntary suspension, our ability to weather the impacts of the COVID-19 pandemic, operational position, demand for voyages, financing opportunities and extensions, and future cost mitigation and cash conservation efforts and efforts to reduce operating expenses and capital expenditures) are forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the impact of:

the spread of epidemics, pandemics and viral outbreaks, and specifically, COVID-19, on our financial condition and operations, which adversely affects our ability to obtain acceptable financing in an amount equal to the resulting reduction in cash from operations, and the current, and uncertain future, other impacts of the COVID-19 outbreak, including its effect on the ability or desire of people to travel (including on cruises), which are expected to continue to adversely impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price;

our ability to develop strategies to enhance our health and safety protocols to adapt to the current pandemic environment’s unique challenges once operations resume and to otherwise safely resume our operations when conditions allow;

coordination and cooperation with the CDC, the federal government and global public health authorities to take precautions to protect the health, safety and security of guests, crew and the communities visited and the implementation of any such precautions;

the accuracy of any appraisals of our assets as a result of the impact of COVID-19 or otherwise;

our success in reducing operating expenses and capital expenditures and the impact of any such reductions;

our guests’ election to take cash refunds in lieu of future cruise credits or the continuation of any trends relating to such election;

trends in, or changes to, future bookings and our ability to take future reservations and receive deposits related thereto;

the unavailability of ports of call;

future increases in the price of, or major changes or reduction in, commercial airline services;

our ability to work with lenders and others or otherwise pursue options to defer or refinance our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises;

adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events;

adverse incidents involving cruise ships;

adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence;

our potential future need for additional financing, which may not be available on favorable terms, or at all, and may be dilutive to existing shareholders;

any further impairment of our trademarks, trade names or goodwill;

breaches in data security or other disturbances to our information technology and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection;

changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs;

mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities;

the risks and increased costs associated with operating internationally;

fluctuations in foreign currency exchange rates;

overcapacity in key markets or globally;

our expansion into and investments in new markets;

our inability to obtain adequate insurance coverage;

our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements;

pending or threatened litigation, investigations and enforcement actions;

volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees;

our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues;

our reliance on third parties to provide hotel management services for certain ships and certain other services;

our inability to keep pace with developments in technology;

changes involving the tax and environmental regulatory regimes in which we operate; and

other factors set forth under “Risk Factors” in our most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings with the Securities and Exchange Commission.

Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown.

The above examples are not exhaustive and new risks emerge from time to time. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

Investor Relations & Media Contact

Andrea DeMarco (305) 468-2339 [email protected]

Jessica John (786) 913-2902

L Catterton Acquires Significant Stake in AmaWaterways

L  Catterton has agreed to acquire a significant stake in AmaWaterways from a consortium of investors led by Certares.

Founded in 2002, AmaWaterways offers itineraries exploring rivers in Europe ,  Asia , and  Africa.

"AmaWaterways customers can enjoy tailored experiences across its fleet of innovatively designed vessels. The Company provides a unique onboard experience, including impeccably designed, spacious suites, regionally inspired cuisine using locally sourced ingredients, and a wide array of wellness and entertainment experiences, as well as best-in-class customer service and diverse shore excursions to explore each destination," the cruise line said in a statement.

"This is an exciting new chapter for AmaWaterways," said  Rudi Schreiner , co-founder and CEO of AmaWaterways. " L  Catterton brings unique insight into today's customers, as well as exciting ideas on how we can work together to capitalize on a number of growth opportunities across our business. They share our passion for innovation and an unwavering commitment to creating unparalleled guest experiences. We look forward to working with them to continuously expand and enhance our river cruise portfolio for our customers."

"As consumers' desire for unforgettable luxury travel experiences continues to grow, we understand the importance of creating highly curated and memorable opportunities for guests to see the world," said  Marc Magliacano , co-managing Partner of L  Catterton's Flagship Fund. "We look forward to leveraging our global network and deep expertise across travel to identify new growth opportunities and thoughtful expansion initiatives, while empowering the innovative and pioneering spirit that has driven AmaWaterways' success over the last two decades."

"The Company continues to delight both guests and their cherished travel advisor partners, driven by its commitment to delivering first-of-its-kind ships, high-quality dining, wellness offerings, and exciting excursions to create an unmatched immersive experience," said  Jennifer Reid , Partner in  L  Catterton's Flagship Fund. "Rudi and Kristin are true visionaries. Along with their passionate and committed team, they continue to set the industry standard for personalized customer service and innovation. We couldn't be more excited about this partnership; together we will continue to provide a distinct, luxury travel experience in many of the most sought-after destinations across the world."

"AmaWaterways is a truly special company—we deeply value and appreciate the opportunity we have had to partner with Rudi, Kristin, the Murphy family, and the McGeary family," said  Colin Farmer , Senior Managing Director and Head of the Management Committee of Certares. "We are extremely proud to have had a role in AmaWaterways' growth over the last many years, including the significant additions to the company's fleet, entry into new cruise destination markets, enhanced relationships with travel advisor partners, and expanding upon the innovative and extraordinary experiences AmaWaterways provides its guests daily. We wish our partners and everyone at the company nothing but continued success in this next chapter."

Seatrade News reports , "L Catterton has cruise industry experience through its once-significant involvement in Norwegian Cruise Line Holdings at a critical juncture in the pandemic and, before that, with OneSpaWorld/Steiner Leisure.

"The firm manages approximately $35b of equity capital.

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Travel | 8 new ships coming to Norwegian Cruise Line,…

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Travel | bob graham, former florida governor and u.s. senator, dies at 87, things to do, subscriber only, travel | 8 new ships coming to norwegian cruise line, sister brands plus dock at great stirrup cay.

The parent company to Norwegian Cruise Line announced Monday a major order for eight new ships among its three brands as well as the construction of a pier to allow its cruise ships to dock instead of tender to its private Bahamas island for the first time.

Norwegian Cruise Line Holdings said it was planning to bring on four new ships for NCL, two new ships for upper premium brand Oceania Cruises and two ships for luxury brand Regent Seven Seas, all to be built at Fincantieri shipyard in Italy and debut during a 10-year run from 2026-2036.

The NCL ships would be the largest ever built for the line at around 200,000 gross tons and capacity of about 5,000 guests. They won’t arrive until after the final delivery of its Prima-Plus class ships expected between 2025-2028, the larger sister ships to the Norwegian Prima and Viva that debuted in the last couple of years. The four ships from the unnamed class of vessel would arrive in 2030, 2032, 2034 and 2036.

The new class for Oceania Cruises, which in 2023 debuted its first new ship in more than a decade — the Oceania Allura — will also be the largest ever built for the line at 86,000 gross tons and a capacity of 1,450 guests. They’re expected in 2027 and 2029.

And the Regent Seven Seas fleet’s new vessels will also be larger coming in at 77,000 gross tons with a capacity of 850 guests. They’re expected in 2026 and 2029. Regent just debuted the third of its Explorer class ships in December 2023.

“This strategic new-ship order across all three of our award-winning brands provides for the steady introduction of cutting-edge vessels into our fleet and solidifies our long-term growth,” said NCLH president and CEO Harry Sommer in a press release. “It also allows us to significantly leverage our operating scale, strengthen our commitment to innovation and enhance our ability to offer our guests new products and experiences, all while providing opportunities to enhance the efficiency of our fleet.”

No other details about the ships were released. Financing is already in place to fund 80% of the cost for the four ships among the Oceania and Regent orders, but financing for the four NCL ships is not finalized.

The eight ships expects to add 25,000 more to the three cruise lines’ passenger capacity.

In addition, the line is set to construct a multi-ship pier at Great Stirrup Cay, the popular Bahamas private destination visited by all three brands. The move follows the introduction of a dock that can support two Oasis-class vessels at neighboring Perfect Day at Coco Cay for Royal Caribbean while other private Bahamas destinations including Disney’s Castaway Cay and its new Lookout Cay at Lighthouse Point feature tenderless docks for easy access.

“We are likewise excited with the addition of a new pier at Great Stirrup Cay to support our increased capacity in the Caribbean and multiple ships to call on the island, enhancing our guest experience and bringing seamless and reliable access to our private island year-round,” Sommer said.

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• In the News

This major cruise line operator just announced its biggest ship order ever

One of the world’s leading cruise operators unveiled its biggest ship order ever on Monday.

Norwegian Cruise Line Holdings Ltd. will take delivery of eight ships between 2026 and 2036 across its three brands. 

Norwegian Cruise Line will welcome four ships in 2030, 2032, 2034 and 2036, each with a capacity of close to 5,000 guests. The additions are subject to financing.

The vessels will follow the line’s previously announced Prima-Plus class vessels.

The upscale Oceania Cruises will take delivery of two 1,450-guest ships in 2027 and 2029, and luxury line Regent Seven Seas Cruises will add two ships in 2026 and 2029, each accommodating 850 passengers.

"This strategic new-ship order across all three of our award-winning brands provides for the steady introduction of cutting-edge vessels into our fleet and solidifies our long-term growth,” Harry Sommer, the company’s president and CEO, said in a news release . “It also allows us to significantly leverage our operating scale, strengthen our commitment to innovation and enhance our ability to offer our guests new products and experiences, all while providing opportunities to enhance the efficiency of our fleet.”

Specifics about the ships’ accommodations and amenities will be announced “in the coming months,” according to the release.

The company will also add a new multi-ship pier at its private Bahamas island, Great Stirrup Cay, scheduled for completion by late 2025. The pier will be able to accommodate two large ships at once.

Nathan Diller is a consumer travel reporter for USA TODAY based in Nashville. You can reach him at [email protected].

Press Releases

Ncl corporation ltd. announces closing of $400 million investment by l catterton.

MIAMI, May 28, 2020 (GLOBE NEWSWIRE) -- NCL Corporation Ltd. (“NCLC”), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (“NCLH”, or the “Company”), announced today that it closed its previously announced private placement of $400 million in aggregate principal amount of its exchangeable senior notes due 2026 (the “Private Exchangeable Notes”) to an affiliate of L Catterton. NCLC expects to use the net proceeds from the placement of the Private Exchangeable Notes for general corporate purposes.

The Private Exchangeable Notes will be general senior unsecured obligations of NCLC, guaranteed by NCLH, and will be exchangeable at the holder’s option at any time prior to the close of business on the business day immediately preceding the maturity date into Series A Preference Shares of NCLC, which shall be automatically exchangeable into a number of ordinary shares of NCLH. The initial exchange rate per $1,000 principal amount of Private Exchangeable Notes is approximately 82.6446 ordinary shares of NCLH, which is equivalent to an initial exchange price of $12.10 per ordinary share, subject to future adjustment in certain circumstances.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Goldman Sachs & Co. LLC acted as placement agent to the Company.

About Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. With a combined fleet of 28 ships with approximately 59,150 berths, these brands offer itineraries to more than 490 destinations worldwide. The Company will introduce nine additional ships through 2027.

About L Catterton

With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton's team of nearly 200 investment and operating professionals partner with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault. For more information about L Catterton, please visit www.lcatterton.com.

Cautionary Statement Concerning Forward-Looking Statements

Some of the statements, estimates or projections contained in this press release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our business strategy, financial position, results of operations, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, valuation and appraisals of our assets and objectives of management for future operations (including those regarding expected fleet additions, our voluntary suspension, our ability to weather the impacts of the COVID-19 pandemic, operational position, demand for voyages, financing opportunities and extensions, and future cost mitigation and cash conservation efforts and efforts to reduce operating expenses and capital expenditures) are forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the impact of:

• the spread of epidemics, pandemics and viral outbreaks, and specifically, COVID-19, on our financial condition and operations, which adversely affects our ability to obtain acceptable financing in an amount equal to the resulting reduction in cash from operations, and the current, and uncertain future, other impacts of the COVID-19 outbreak, including its effect on the ability or desire of people to travel (including on cruises), which are expected to continue to adversely impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price;
• our ability to develop strategies to enhance our health and safety protocols to adapt to the current pandemic environment’s unique challenges once operations resume and to otherwise safely resume our operations when conditions allow; 
• coordination and cooperation with the CDC, the federal government and global public health authorities to take precautions to protect the health, safety and security of guests, crew and the communities visited and the implementation of any such precautions;
• the accuracy of any appraisals of our assets as a result of the impact of COVID-19 or otherwise;
• our success in reducing operating expenses and capital expenditures and the impact of any such reductions;
• our guests’ election to take cash refunds in lieu of future cruise credits or the continuation of any trends relating to such election;
• trends in, or changes to, future bookings and our ability to take future reservations and receive deposits related thereto;
• the unavailability of ports of call;
• future increases in the price of, or major changes or reduction in, commercial airline services;
• our ability to work with lenders and others or otherwise pursue options to defer or refinance our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises;
• adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events;
• adverse incidents involving cruise ships;
• adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence;
• our potential future need for additional financing, which may not be available on favorable terms, or at all, and may be dilutive to existing shareholders;
• any further impairment of our trademarks, trade names or goodwill;
• breaches in data security or other disturbances to our information technology and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection;
• changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs;
• mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities;
• the risks and increased costs associated with operating internationally;
• fluctuations in foreign currency exchange rates;
• overcapacity in key markets or globally;
• our expansion into and investments in new markets;
• our inability to obtain adequate insurance coverage;
• our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements;
• pending or threatened litigation, investigations and enforcement actions;
• volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees;
• our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues;
• our reliance on third parties to provide hotel management services for certain ships and certain other services;
• our inability to keep pace with developments in technology;
• changes involving the tax and environmental regulatory regimes in which we operate; and
• other factors set forth under “Risk Factors” in our most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings with the Securities and Exchange Commission.

Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown.

The above examples are not exhaustive and new risks emerge from time to time. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

Investor Relations & Media Contact

Andrea DeMarco (305) 468-2339 [email protected]

Jessica John (786) 913-2902

Released May 28, 2020

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Charting New Waters: Norwegian Cruise Line Unveils Ambitious Plans For Eight Ships

Norwegian Cruise Line Holdings Ltd  (NYSE:NCLH) has unveiled a total of eight vessels, representing nearly 25,000 additional berths to be built across three brands.

The company also launched the construction of a multi-ship pier at Great Stirrup Cay, the company’s private island destination in the Bahamas and its Caribbean port of call. 

The strategy is expected to boost Norwegian Cruise’s product offering, guest experiences, and operational infrastructure.

The new ship orders across all three brands are scheduled for delivery over a ten-year period, between 2026 and 2036.

After the delivery of four Prima-Plus class ships from 2025 through 2028, the cruise operator is expected to take delivery of four approximately 200,000-gross-ton ships, each with a capacity of nearly 5,000 guests, in 2030, 2032, 2034, and 2036.

Oceania Cruises is scheduled to take delivery of two 86,000-gross-ton ships, each with a capacity of 1,450 guests in 2027 and 2029. 

Finally, Regent Seven Seas Cruises is scheduled to take delivery of two 77,000-gross-ton ships, each with a capacity of 850 guests, in 2026 and 2029.

“This strategic new-ship order across all three of our award-winning brands provides for the steady introduction of cutting-edge vessels into our fleet and solidifies our long-term growth,” said President and CEO Harry Sommer.

The company has obtained export credit financing with favorable terms to fund 80% of the contract price of each of the two Oceania Cruises and Regent Seven Seas Cruises ships.

The new pier development in the Bahamas is set to begin in summer 2024 and be completed by late 2025 with an investment of about $150 million.

Stifel  analyst Steven Wieczynski reiterated a Buy rating on the shares with a price target of $25.

NCLH now has 13 ships on order over the next 12 years for a combined 41,000 berths, representing about 65% capacity growth, noted the analyst.

With a historically smaller fleet, the company has been building new ships more aggressively versus peers in order to enter/serve certain markets.

Over the next decade this will not only give NCLH the biggest growth story within the cruise industry but will also allow them to continue entering new markets with minimal cannibalization to their fleet, the analyst noted.

Owning cruise stocks when supply growth has been low for an extended period of time, as per the analyst. While the headline of eight ships might make investors panic, the analyst urged them to look at the fine print.

Overall, according to the analyst, the positives surely outweigh the negatives.

Price Action : NCLH shares are trading lower by 2.35% at $18.93 on the last check Tuesday.

Photo via Wikimedia Commons

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