Bloomberg News

Norwegian Cruise Investors File to Sell $600 Million of Shares

July 31, 2013

Norwegian Cruise Line Holdings Ltd. (NCLH:US)’s three largest investors filed to sell about $600 million of their stakes after a run-up in the share price since January’s initial public offering.

Affiliates of Genting Hong Kong Ltd. (GENHK), Apollo Global Management LLC (APO:US) and TPG Capital will sell 20 million shares, according to a regulatory filing (NCLH:US) yesterday. The three will own 77 percent of Miami-based Norwegian Cruise Line after the sale.

Norwegian Cruise Line, the third-largest U.S. cruise operator after Carnival Corp. and Royal Caribbean Cruises Ltd. (RCL:US), has advanced 57 percent since the sale (NCLH:US) of 27.1 million shares at $19 each in the IPO, giving it a market value of $6.07 billion, according to data compiled by Bloomberg. The stock fell 1.7 percent to $29.76 at the close in New York yesterday.

New York-based Apollo and Fort Worth, Texas-based TPG together paid $1 billion for half of Norwegian’s equity in January 2008, data compiled by Bloomberg show. Genting owned the line before the investment by the private-equity firms.

Norwegian Cruise Line won’t receive any of the proceeds. Underwriters including UBS Investment Bank and Barclays have an option to purchase as many as 3 million additional shares from the sellers, according to the filing.

To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net


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Companies Mentioned

  • NCLH
    (Norwegian Cruise Line Holdings Ltd)
    • $32.66 USD
    • 0.12
    • 0.37%
  • APO
    (Apollo Global Management LLC)
    • $26.98 USD
    • -0.38
    • -1.41%
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