Norwegian Set to Raise $370 million

Norwegian Cruise Line plans to sell 27.1 million shares in conjunction with its IPO and be listed on the NASDAQ, priced from $16 to $18 per share, according to its prospectus dated Jan. 8, 2013.

If a midpoint price of $17 is achieved, Norwegian said it expects net proceeds to be $370 million.

Proceeds will be used to redeem or prepay outstanding debt and to pay expenses associated with the offering.

According to the prospectus, the company does not intend to pay dividends following this offering. Its debt agreements, among other things, restrict its ability to pay cash dividends to shareholders.

After the offering of 27.2 million shares, approximately 200 million shares will be outstanding, according to the prospectus. Other than the present owners, Apollo Funds, TPG Viking Funds and Genting HK, no single shareholder will be allowed to own more than 4.9 percent of the shares. The present owners will retain 88.3 percent of the voting power and the new shareholders 11.7 per cent.

There will be 15,035,106 additional ordinary shares available for future awards under a new long-term incentive plan.

The shares are expected to be traded under the symbol NLCH within 30 days.

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