Norwegian Cruise Line Holdings (NCLH) has tapped into two credit facilities, according to SEC filings, providing $875 million maturing on January 2024, and $675 million maturing March 4, 2021. 

The company operates the Norwegian, Oceania and Regent brands.

NCLH said that beginning on March 12, 2020, it has borrowed the full amount of $1.55 billion.

NCLH stated that it has borrowed a precautionary measure in order to increase its cash position and facilitate financial flexibility in light of the current uncertainty in global markets resulting from the COVID-19 outbreak.

The proceeds from the borrowings are currently being held on NCLC’s balance sheet and will be used for working capital, general corporate or other purposes permitted by the facilities.