Shares in smaller gold and precious metals producers were boosted Wednesday as the new-look behemoth Barrick Gold (NYSE:GOLD) officially began trading following its merger with Randgold Resources. The $18.3 billion deal received final approval last month and from now on the New York Stock Exchange the group's ticker will be GOLD. READ: Barrick Gold and Randgold Resources merge to create world's largest gold miner but questions still remain In Toronto, the company is keeping its ABX symbol. Shares in Barrick were down 0.60% on the day at $18.32. In New York shares in the new entity were also down, 0.81% to $13.43 each. In New York today, the traditional ringing of the opening bell on Wall Street was carried out by the miner's executive chairman, John Thornton, with President and CEO Mark Bristow. At the open, the new Barrick had a market capitalization of more than $23.75 billion, with the largest reserves base among its senior gold peers. It comes as gold has been having a good run of late and that trend look set to continue as stock markets suffer amid global economic and trade uncertainty and the precious metal is seen as a safe haven. Today, it reached a six month high, up $8.33 an ounce at US$1,286.63 and the market now has US$1,300 in its sights. Impact on the space The deal could also spur on more M&A (merger and acquisition) activity within the mining sector in 2019, reckon analysts. When news of the newest and largest gold miner was unveiled in September was announced, questions about what it meant for the industry were sparked. Russ Mould, AJ Bell investment director, noted: "The fact that the pros are buying gold and the punters are selling it is interesting – and could suggest that Barrick and Randgold Resources are positioning themselves for an upturn in gold by getting leaner and meaner, even if skeptics of the deal will argue it is a defensive measure prompted by necessity and lean times for their main product." The union creates a company, which owns five of the industry’s Top 10 Tier 1 gold assets (Cortez and Goldstrike in Nevada, USA (100%); Kibali in the Democratic Republic of Congo (45%); Loulo-Gounkoto in Mali (80%); and Pueblo Viejo in Dominican Republic (60%). It also has two assets with the potential to become Tier One gold assets (Goldrush/Fourmile (100%) and Turquoise Ridge (75%), both in the USA). The new Barrick Gold is likely to sell a number of its non-core assets to position it as the lowest cost western-based gold miner, reckons BMO Capital Markets analyst Andrew Kaip. He reckons 13 mines from South America to Zambia, which account for 750,000 ounces of gold are likely to be sold and the largest potential deal would be Barrick’s Lumwana copper mine in Zambia, which could fetch as much as $1.3 billion. It may also sell its 50% stake in Chile's Zaldivar mine and Randgold’s Tongon, Massawa and Morila assets, Kaip said last October. A boost to small-cap miners The completion of the merger appeared to help send smaller Toronto-listed gold producer shares upward. Mandalay Resources Corp (TSE:MND) added 6.7% to $0.080. It produces gold among others from the Björkdal mine in Sweden and the Costerfield project in Australia. Endeavour Mining Corp (TSE:EDV) added 1.6% to $22.70 each. The group operates five mines across Côte d’Ivoire (Agbaou and Ity), Burkina Faso (Houndé, Karma) and Mali (Tabakoto). Great Panther Silver Corp ( CSE:GPR) (NYSEAMERICAN:GPL) shares nudged up 2.1% in Toronto to $0.99. The group mines precious metals from its two wholly-owned operating mines in Mexico: the Guanajuato Mine Complex and the Topia Mine. The company is also advancing towards the restart of the Coricancha Mine in Peru. Another producer, Gold Resource Corp (NYSE:GORO), saw shares add 2.7% on the day in New York to stand at $4.109. --Contact Giles at giles@proactiveinvestors.com --Follow him on Twitter @Gile74
Reported by Proactive Investors 5 hours ago.
New-look mining behemoth Barrick starts trading in New York and Toronto as gold reaches six month high
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New-look mining behemoth Barrick Gold starts trading in New York and Toronto as gold reaches six month high
Shares in smaller gold and precious metals producers were boosted Wednesday as the new-look behemoth Barrick Gold (NYSE:GOLD) officially began trading following its merger with Randgold Resources. The $18.3 billion deal received final approval last month and from now on the New York Stock Exchange the group's ticker will be GOLD. READ: Barrick Gold and Randgold Resources merge to create world's largest gold miner but questions still remain In Toronto, the company is keeping its ABX symbol. Shares in Barrick were down 0.60% on the day at $18.32. In New York shares in the new entity were also down, 0.81% to $13.43 each. In New York today, the traditional ringing of the opening bell on Wall Street was carried out by the miner's executive chairman, John Thornton, with President and CEO Mark Bristow. At the open, the new Barrick had a market capitalization of more than $23.75 billion, with the largest reserves base among its senior gold peers. It comes as gold has been having a good run of late and that trend look set to continue as stock markets suffer amid global economic and trade uncertainty and the precious metal is seen as a safe haven. Today, it reached a six month high, up $8.33 an ounce at US$1,286.63 and the market now has US$1,300 in its sights. Impact on the space The deal could also spur on more M&A (merger and acquisition) activity within the mining sector in 2019, reckon analysts. When news of the newest and largest gold miner was unveiled in September was announced, questions about what it meant for the industry were sparked. Russ Mould, AJ Bell investment director, noted: "The fact that the pros are buying gold and the punters are selling it is interesting – and could suggest that Barrick and Randgold Resources are positioning themselves for an upturn in gold by getting leaner and meaner, even if skeptics of the deal will argue it is a defensive measure prompted by necessity and lean times for their main product." The union creates a company, which owns five of the industry’s Top 10 Tier 1 gold assets (Cortez and Goldstrike in Nevada, USA (100%); Kibali in the Democratic Republic of Congo (45%); Loulo-Gounkoto in Mali (80%); and Pueblo Viejo in Dominican Republic (60%). It also has two assets with the potential to become Tier One gold assets (Goldrush/Fourmile (100%) and Turquoise Ridge (75%), both in the USA). The new Barrick Gold is likely to sell a number of its non-core assets to position it as the lowest cost western-based gold miner, reckons BMO Capital Markets analyst Andrew Kaip. He reckons 13 mines from South America to Zambia, which account for 750,000 ounces of gold are likely to be sold and the largest potential deal would be Barrick’s Lumwana copper mine in Zambia, which could fetch as much as $1.3 billion. It may also sell its 50% stake in Chile's Zaldivar mine and Randgold’s Tongon, Massawa and Morila assets, Kaip said last October. A boost to small-cap miners The completion of the merger appeared to help send smaller Toronto-listed gold producer shares upward. Mandalay Resources Corp (TSE:MND) added 6.7% to $0.080. It produces gold among others from the Björkdal mine in Sweden and the Costerfield project in Australia. Endeavour Mining Corp (TSE:EDV) added 1.6% to $22.70 each. The group operates five mines across Côte d’Ivoire (Agbaou and Ity), Burkina Faso (Houndé, Karma) and Mali (Tabakoto). Great Panther Silver Corp ( CSE:GPR) (NYSEAMERICAN:GPL) shares nudged up 2.1% in Toronto to $0.99. The group mines precious metals from its two wholly-owned operating mines in Mexico: the Guanajuato Mine Complex and the Topia Mine. The company is also advancing towards the restart of the Coricancha Mine in Peru. Another producer, Gold Resource Corp (NYSE:GORO), saw shares add 2.7% on the day in New York to stand at $4.109. --Contact Giles at giles@proactiveinvestors.com --Follow him on Twitter @Gile74
Reported by Proactive Investors 6 hours ago.
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Australia vs India, 4th Test, Border-Gavaskar Trophy, 2018/19, January 3, 2019
Reported by DNA 49 minutes ago.
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How to know if you're living in a 'smart city'
· As more people live in cities than ever before, improving them takes on added urgency.· In becoming 'smart,' cities often first tackle projects that affect the largest number of people, like transportation and WiFi access.
· 'Smart' cities are also known for exchanging ideas with other cities.
If you want to know what a "smart city" looks like, ask Bob Bennett.
As the chief innovation officer for Kansas City, Missouri, Bennett can cite each technological advancement hiding in plain sight around the city of 500,000.
For example, along the city's 54-block smart-streetcar route, there are 320 WiFi access points and more than two-dozen smart kiosks. One hundred and seventy-eight traffic sensors monitor commuter flow, aided by 52 traffic lights in constant sync.
All of this has the immediate effect of getting people where they need to go as quickly, efficiently, and safely as possible. In the bigger picture, the city is also able to extract insights from each of these "smart" touchpoints, and use those insights to understand which communities are underserved by WiFi access and public transit routes.
And while the numbers of each type of technology are impressive, Bennett emphasizes that it's not the volume of innovation that makes a city "smart."
"There's no such thing as a 'dumb city' in America," he says. "There are only cities getting smarter. And we can make that a more rapid progression by sharing what we have."
Those two-dozen smart kiosks, for example? They're an idea borrowed from New York. And Kansas City's streetlights are a feature first tested in San Diego, California.
**Smart cities share**
Today, over half of the world's population lives in cities — a number that the United Nations expects to grow to close to 70% by 2050. With its City Possible program, Mastercard aims to help cities respond to this trend in a collective way.
City Possible is building a global network for urban co-development, by bringing together cities, academics, NGOs, and industry partners. One of the first insights that surfaced from this dialogue: cities have a lot in common — for example, they are all challenged to upgrade their physical and digital infrastructure to keep up with growing needs.
"Cities have a tremendous opportunity to learn from other cities," says Miguel Gamiño Jr., the executive vice president and head of global cities for Mastercard. "They should absolutely tap into what I call the 'superpower of collaboration.'"
**Cities on the move**
Smart-city improvements often begin in the mobility sector. That's because the people administering the improvements feel the imperative to demonstrate visible, everyday impact.
"You have to touch everybody if you're going to truly transform a community," Bennett says. "Every Kansas Citian and every visitor touches the transportation network every single day."
In Dublin, Ireland, dynamically updating public-transit information was the earliest and most visible transformation, says Jamie Cudden, the Smart City Program manager for the Dublin City Council. Automatic Vehicle Location technology powers smartphone alerts telling commuters when to leave their homes for buses, trams, and trains.
"Using emerging technologies and connected devices helps us to better understand the wider real-time city environment," Cudden says.
**A strong signal**
A recent study by the University of Maryland, College Park found that residents of West Baltimore, when asked what city improvements would most improve their daily lives, cited free WiFi availability on city buses. Thirty-nine percent of respondents don't have internet access on home computers, so WiFi-enabled buses could allow students to complete homework while commuting.
Baltimore, another participant in the City Possible program, sits at the intersection of three important factors in the smart-city movement: public transportation, digital inclusion, and listening to what the public wants and needs.
"'Smart' should never be an end in itself," says Mastercard's Gamiño. "'Smart' should always be a means to achieve the outcomes that matter most to people living in a city."
**Look for the 'Lab'**
Another sign that your city is getting smarter: a city-operated testing environment labeled a "Lab."
The willingness to experiment and innovate is key to breaking away from the patterns that can hold cities back. That's what happens at Melbourne, Australia's CityLab, where population growth and climate change are focal areas.
In Kansas City, many ideas originate from the Living Lab, a public-private partnership in which developers test more and more applications of Internet of Things technologies to city life.
Meanwhile, in Helsinki, Finland, the lab concept has expanded to encompass an entire residential district known as "Smart Kalasatama." The district is home to 3,000 residents who are the first to test pilot programs that, if successful, can be expanded to improve city services and quality of life in the larger city, along with other cities outside Finland.
In Kalasatama, a wellness initiative monitors residents' stress levels via "smart rings," while virtual reality combats anxiety with soothing audio and visuals. For a more traditional example, plans for transportation efficiency were disregarded unless they could give each resident back an hour of their day.
The district is expected to expand to 20,000 residents by 2030.
Something else that's expanding: the City Possible network. Interested applicants can reach the City Possible team here to find out how they can join Kansas City, San Diego, Dublin, Baltimore, Melbourne, Helsinki, and a growing list of global member cities of all sizes.
"Most cities share common concerns and want to provide things like safety, cleanliness, affordability, and economic opportunity," says Gamiño, who's eager to see where City Possible goes in its second year. "For me, the biggest opportunity of 'smart cities' is to make tech truly work for people."
*Find out more about how Mastercard is helping to build more inclusive cities.*
This post is sponsored by Mastercard.
Join the conversation about this story » Reported by Business Insider 4 hours ago.
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AUD/USD remains on track to post its lowest daily close in nearly 3 years around 0.70
· *Concerns over a slowdown in Chinese economy weighs on AUD.*
· *US Dollar Index rebounds sharply on Wednesday.*
· *Coming up: TD Securities inflation report.*
The AUD/USD pair broke below the critical 0.70 mark on Wednesday and slumped to its lowest level since January 2016 at 0.6982 before staging a modest technical correction in the late NA session. As of writing, the pair was down 0.77% on the day at 0.6998.
Earlier today, China Finance, a magazine published by the PBoC, painted a gloomy picture regarding the economic performance. "The trend of economic slowdown still continues, and the slowing momentum is increasing. The fourth quarter GDP growth is very possible to be lower than 6.5 percent,” the article read and revived concerns over the potential negative impact of a weaker Chinese economic growth on the global economy. Amid the strong trade ties between China and Australia, the AUD suffered heavy losses against its rivals.
On the other hand, the greenback returned from the New Year break on a positive note and gathered strength as a safer alternative to its risk-sensitive European counterparts. The US Dollar Index, which tracks the greenback against its rivals, rose to a 5-day high near 97 to ramp up the bearish pressure on the pair.
In the early trading hours of the Asian session on Thursday, TD Securities' December inflation report will be looked upon for fresh impetus. However, markets' risk perception and the dollar's performance is likely to remain as the primary driver of the pair's price action.
*Technical levels to consider*
AUD/USD
Overview:
Today Last Price: 0.6995
Today Daily change: -61 pips
Today Daily change %: -0.865%
Today Daily Open: 0.7056
Trends:
Previous Daily SMA20: 0.7134
Previous Daily SMA50: 0.7186
Previous Daily SMA100: 0.7192
Previous Daily SMA200: 0.7354
Levels:
Previous Daily High: 0.7072
Previous Daily Low: 0.6996
Previous Weekly High: 0.7078
Previous Weekly Low: 0.7014
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Previous Daily Fibonacci 38.2%: 0.7043
Previous Daily Fibonacci 61.8%: 0.7025
Previous Daily Pivot Point S1: 0.7011
Previous Daily Pivot Point S2: 0.6965
Previous Daily Pivot Point S3: 0.6935
Previous Daily Pivot Point R1: 0.7087
Previous Daily Pivot Point R2: 0.7117
Previous Daily Pivot Point R3: 0.7163
Reported by FXstreet.com 3 hours ago.
· *US Dollar Index rebounds sharply on Wednesday.*
· *Coming up: TD Securities inflation report.*
The AUD/USD pair broke below the critical 0.70 mark on Wednesday and slumped to its lowest level since January 2016 at 0.6982 before staging a modest technical correction in the late NA session. As of writing, the pair was down 0.77% on the day at 0.6998.
Earlier today, China Finance, a magazine published by the PBoC, painted a gloomy picture regarding the economic performance. "The trend of economic slowdown still continues, and the slowing momentum is increasing. The fourth quarter GDP growth is very possible to be lower than 6.5 percent,” the article read and revived concerns over the potential negative impact of a weaker Chinese economic growth on the global economy. Amid the strong trade ties between China and Australia, the AUD suffered heavy losses against its rivals.
On the other hand, the greenback returned from the New Year break on a positive note and gathered strength as a safer alternative to its risk-sensitive European counterparts. The US Dollar Index, which tracks the greenback against its rivals, rose to a 5-day high near 97 to ramp up the bearish pressure on the pair.
In the early trading hours of the Asian session on Thursday, TD Securities' December inflation report will be looked upon for fresh impetus. However, markets' risk perception and the dollar's performance is likely to remain as the primary driver of the pair's price action.
*Technical levels to consider*
AUD/USD
Overview:
Today Last Price: 0.6995
Today Daily change: -61 pips
Today Daily change %: -0.865%
Today Daily Open: 0.7056
Trends:
Previous Daily SMA20: 0.7134
Previous Daily SMA50: 0.7186
Previous Daily SMA100: 0.7192
Previous Daily SMA200: 0.7354
Levels:
Previous Daily High: 0.7072
Previous Daily Low: 0.6996
Previous Weekly High: 0.7078
Previous Weekly Low: 0.7014
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Previous Daily Fibonacci 38.2%: 0.7043
Previous Daily Fibonacci 61.8%: 0.7025
Previous Daily Pivot Point S1: 0.7011
Previous Daily Pivot Point S2: 0.6965
Previous Daily Pivot Point S3: 0.6935
Previous Daily Pivot Point R1: 0.7087
Previous Daily Pivot Point R2: 0.7117
Previous Daily Pivot Point R3: 0.7163
Reported by FXstreet.com 3 hours ago.
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Norwegian Cruise Line Holdings Announces Refinancing of its Senior Secured Credit Facility
MIAMI, Jan. 02, 2019 (GLOBE NEWSWIRE) -- Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (together with NCL Corporation Ltd., "Norwegian Cruise Line Holdings", "Norwegian" or the "Company"), today announced the refinancing of its senior secured credit facility.The Company amended its existing senior secured credit facility by repricing its $875 million revolving credit facility ("Revolver"), repricing and increasing its Term A loan facility to approximately $1.6 billion ("Term A Loan") and extending the maturity dates for both to January 2024.
The proceeds from the increase in the Term A Loan were used to prepay the entire outstanding amount under the Company's existing Term B loan facility. The amendment also reduced the applicable margin under the Revolver and Term A Loan by 25 basis points. Both the Revolver and Term A Loan bear interest at LIBOR plus an applicable margin of between 1.00% and 1.75%, depending on the Company's leverage ratio.
"The refinancing of this facility further builds on our foundation for the future by strengthening our liquidity profile through more favorable rates and the extension of maturities," said Mark Kempa, executive vice president and chief financial officer of Norwegian Cruise Line Holdings Ltd. “We remain focused on strengthening our balance sheet and remain on track to reach our targeted leverage range of 2.5 to 2.75 times by the end of 2020.”
*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 26 ships with approximately 54,400 berths, these brands offer itineraries to more than 450 destinations worldwide. The Company will introduce eight additional ships through 2027.
Norwegian Cruise Line is the innovator in cruise travel with a 51-year history of breaking the boundaries of traditional cruising. Most notably, Norwegian revolutionized the cruise industry by offering guests the freedom and flexibility to design their ideal cruise vacation on their schedule with no set dining times, a variety of entertainment options and no formal dress codes. Today, Norwegian invites guests to enjoy a relaxed, resort- style cruise vacation on some of the newest and most contemporary ships at sea with a wide variety of accommodations options, including The Haven by Norwegian®, a luxury enclave with suites, private pool and dining, concierge service and personal butlers. Norwegian Cruise Line sails around the globe, offering guests the freedom and flexibility to explore the world on their own time and experience up to 27 dining options, award-winning entertainment, superior guest service and more across all of the brand’s 15 ships.
Oceania Cruises is the world’s leading culinary- and destination-focused cruise line. The line’s six intimate and luxurious ships which carry only 684 or 1,250 guests offer an unrivaled vacation experience featuring the finest cuisine at sea and destination-rich itineraries that span the globe. Expertly crafted voyages aboard designer-inspired, intimate ships call on more than 450 ports across Europe, Alaska, Asia, Africa, Australia, New Zealand, New England-Canada, Bermuda, the Caribbean, Panama Canal, Tahiti and the South Pacific and epic Around The World Voyages that range from 180 to 200 days.
Regent Seven Seas Cruises is the world’s most inclusive luxury experience with a modern, five-ship fleet that visits more than 450 iconic and immersive destinations around the world. The cruise line’s fares include all-suite accommodations, round-trip business-class air on intercontinental flights from U.S. and Canada, the largest collection of free, unlimited shore excursions, unlimited internet access, highly personalized service, exquisite cuisine, fine wines and spirits, prepaid gratuities, ground transfers and one-night, pre-cruise hotel package for guests staying in Concierge-level suites and higher. Its spacious and intimate ships have a capacity of up to 750 guests. Seven Seas Mariner’s 2018 dry-dock refurbishment concluded the line’s $125 million refurbishment program to elevate the fleet’s elegance to the standard set by Seven Seas Explorer, the most luxurious ship ever built. In early 2020, Regent will perfect luxury with the launch of Seven Seas Splendor.
*Cautionary Statement Concerning Forward-Looking Statements*
Certain statements in this release or that may be mentioned on our conference call constitute 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 release, including, without limitation, those regarding our business strategy, financial position, results of operations, plans, future deleveraging, prospects and objectives of management for future operations (including expected fleet additions, development plans, demand environment and objectives relating to our activities), 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: 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 and viral outbreaks; our expansion into and investments in new markets; the risks and increased costs associated with operating internationally; breaches in data security or other disturbances to our information technology and other networks; changes in fuel prices and/or other cruise operating costs; fluctuations in foreign currency exchange rates; overcapacity in key markets or globally; the unavailability of attractive port destinations; evolving requirements and regulations regarding data privacy and protection and any actual or perceived compliance failures by us; our indebtedness and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion of our assets pledged as collateral under our existing debt agreements and the ability of our creditors to accelerate the repayment of our indebtedness; 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; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; our reliance on third parties to provide hotel management services to certain ships and certain other services; future increases in the price of, or major changes or reduction in, commercial airline services; amendments to our collective bargaining agreements for crew members and other employee relation issues; our inability to obtain adequate insurance coverage; future changes relating to how external distribution channels sell and market our cruises; pending or threatened litigation, investigations and enforcement actions; our ability to keep pace with developments in technology; seasonal variations in passenger fare rates and occupancy levels at different times of the year; 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 by the Company with the Securities and Exchange Commission. 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 contained herein 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
InvestorRelations@nclcorp.com
Jordan Kever
(305) 436-4961 Reported by GlobeNewswire 3 hours ago.
The proceeds from the increase in the Term A Loan were used to prepay the entire outstanding amount under the Company's existing Term B loan facility. The amendment also reduced the applicable margin under the Revolver and Term A Loan by 25 basis points. Both the Revolver and Term A Loan bear interest at LIBOR plus an applicable margin of between 1.00% and 1.75%, depending on the Company's leverage ratio.
"The refinancing of this facility further builds on our foundation for the future by strengthening our liquidity profile through more favorable rates and the extension of maturities," said Mark Kempa, executive vice president and chief financial officer of Norwegian Cruise Line Holdings Ltd. “We remain focused on strengthening our balance sheet and remain on track to reach our targeted leverage range of 2.5 to 2.75 times by the end of 2020.”
*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 26 ships with approximately 54,400 berths, these brands offer itineraries to more than 450 destinations worldwide. The Company will introduce eight additional ships through 2027.
Norwegian Cruise Line is the innovator in cruise travel with a 51-year history of breaking the boundaries of traditional cruising. Most notably, Norwegian revolutionized the cruise industry by offering guests the freedom and flexibility to design their ideal cruise vacation on their schedule with no set dining times, a variety of entertainment options and no formal dress codes. Today, Norwegian invites guests to enjoy a relaxed, resort- style cruise vacation on some of the newest and most contemporary ships at sea with a wide variety of accommodations options, including The Haven by Norwegian®, a luxury enclave with suites, private pool and dining, concierge service and personal butlers. Norwegian Cruise Line sails around the globe, offering guests the freedom and flexibility to explore the world on their own time and experience up to 27 dining options, award-winning entertainment, superior guest service and more across all of the brand’s 15 ships.
Oceania Cruises is the world’s leading culinary- and destination-focused cruise line. The line’s six intimate and luxurious ships which carry only 684 or 1,250 guests offer an unrivaled vacation experience featuring the finest cuisine at sea and destination-rich itineraries that span the globe. Expertly crafted voyages aboard designer-inspired, intimate ships call on more than 450 ports across Europe, Alaska, Asia, Africa, Australia, New Zealand, New England-Canada, Bermuda, the Caribbean, Panama Canal, Tahiti and the South Pacific and epic Around The World Voyages that range from 180 to 200 days.
Regent Seven Seas Cruises is the world’s most inclusive luxury experience with a modern, five-ship fleet that visits more than 450 iconic and immersive destinations around the world. The cruise line’s fares include all-suite accommodations, round-trip business-class air on intercontinental flights from U.S. and Canada, the largest collection of free, unlimited shore excursions, unlimited internet access, highly personalized service, exquisite cuisine, fine wines and spirits, prepaid gratuities, ground transfers and one-night, pre-cruise hotel package for guests staying in Concierge-level suites and higher. Its spacious and intimate ships have a capacity of up to 750 guests. Seven Seas Mariner’s 2018 dry-dock refurbishment concluded the line’s $125 million refurbishment program to elevate the fleet’s elegance to the standard set by Seven Seas Explorer, the most luxurious ship ever built. In early 2020, Regent will perfect luxury with the launch of Seven Seas Splendor.
*Cautionary Statement Concerning Forward-Looking Statements*
Certain statements in this release or that may be mentioned on our conference call constitute 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 release, including, without limitation, those regarding our business strategy, financial position, results of operations, plans, future deleveraging, prospects and objectives of management for future operations (including expected fleet additions, development plans, demand environment and objectives relating to our activities), 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: 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 and viral outbreaks; our expansion into and investments in new markets; the risks and increased costs associated with operating internationally; breaches in data security or other disturbances to our information technology and other networks; changes in fuel prices and/or other cruise operating costs; fluctuations in foreign currency exchange rates; overcapacity in key markets or globally; the unavailability of attractive port destinations; evolving requirements and regulations regarding data privacy and protection and any actual or perceived compliance failures by us; our indebtedness and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion of our assets pledged as collateral under our existing debt agreements and the ability of our creditors to accelerate the repayment of our indebtedness; 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; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; our reliance on third parties to provide hotel management services to certain ships and certain other services; future increases in the price of, or major changes or reduction in, commercial airline services; amendments to our collective bargaining agreements for crew members and other employee relation issues; our inability to obtain adequate insurance coverage; future changes relating to how external distribution channels sell and market our cruises; pending or threatened litigation, investigations and enforcement actions; our ability to keep pace with developments in technology; seasonal variations in passenger fare rates and occupancy levels at different times of the year; 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 by the Company with the Securities and Exchange Commission. 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 contained herein 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
InvestorRelations@nclcorp.com
Jordan Kever
(305) 436-4961 Reported by GlobeNewswire 3 hours ago.
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