Cruise ship operator NCL Corporation Ltd has listed another $1.2 billion of debt on the Bermuda Stock Exchange.

This is in addition to $1.94 billion of debt listings it made on August 13.

The company, which operates Norwegian Cruise Line, is a subsidiary of Norwegian Cruise Line Holdings Ltd, and raised capital in July to bolster its finances during the prolonged suspension of cruise voyages resulting from the Covid-19 pandemic. Its voyages are currently suspended until the end of October.

Norwegian has a targeted cash burn of $160 million per month during the suspension of cruise operations, to cover ongoing ship operating expenses, administrative operating expenses, interest expense, taxes and expected capital expenditures.

NCL’s new listings on the BSX are $450 million of 5.375 per cent exchangeable senior notes, due on August 1 2025, and $750 million of 10.25 per cent senior secured notes due on February 1, 2026.

Greg Wojciechowski, BSX president and chief executive officer, said: “The team at the BSX is delighted to continue our support for NCL with an additional $1.2 billion in debt listings on the BSX. The BSX continues to gain traction and attract premium securities in the international debt market which further underpins BSX’s position as a recognised venue for international listings from around the world.”

The BSX said it has seen an increased momentum from the global capital markets for an alternative, internationally recognised exchange platform for the listing of international and domestic debt instruments.

Thomas Gallagher, BSX chairman and chairman and CEO of its parent company Miami International Holdings Inc, said: “We are very pleased that NCL again decided to choose the BSX for such an important listing of NCL’s debt securities. NCL’s choice recognises the BSX’s global reach, reliability, technology and expertise in the listing of complex debt financing instruments.”

Walkers (Bermuda) Limited acted as Bermuda counsel for NCL and Walkers Listing Services (Bermuda) Limited was listing sponsor for the BSX.

Natalie Neto, partner at Walkers, said: “We are delighted to have been able to assist NCL again with respect to these listings, that further demonstrate the BSX as a venue of choice with respect to listings of global debt securities.”