Norwegian Cruise Line Holdings announced today that it has commenced an underwritten public offering of 47,577,947 ordinary shares of the company, which could amount to as much as $1.4 billion.

The company intends to grant the underwriter an option to purchase up to 5,000,000 additional ordinary shares, according to a press release.

The company expects to use the net proceeds from the offering to repurchase all of NCL Corporation Ltd.’s, a subsidiary of the Company, exchangeable senior notes due 2026, which are currently held by an affiliate of L Catterton, with any remaining net proceeds to be used for general corporate purposes.