Norwegian Cruise Line raises $446.5M in IPO
Norwegian Cruise Line raises $446.5 million it its initial public offering
Norwegian Cruise Line raised approximately $446.5 million in its initial public offering of common shares.
The cruise operator priced the IPO of about 23.5 million shares at $19 apiece. That was above its anticipated price range of $16 to $18 per share.
Norwegian, which is based in Miami, said in a regulatory filing that it plans to use the offering's net proceeds to redeem or prepay outstanding debt as well as paying expenses related to the IPO.
The company is giving the underwriters a 30-day option to buy up to an additional 3.5 million shares.
For the twelve months ended Sept. 30, Norwegian's net income was $165.6 million on revenue of $2.26 billion.
The shares are expected to start trading on the Nasdaq Global Select Market on Friday under the "NCLH" ticker symbol. Other cruise operators publicly traded include Royal Caribbean Cruises Ltd. and Carnival Corp.
Norwegian Cruise Line sails its 11 vessels on itineraries in North America, Bermuda, the Caribbean, the Mediterranean and the Baltic.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.