Apollo-backed Prestige Cruises files for IPO of up to $250 million
(Reuters) - Prestige Cruises International Inc, backed by private equity firm Apollo Global Management LLC (APO.N), filed with U.S. regulators to raise up to $250 million in an initial public offering of common stock.
The cruise company, which operates under the Oceania and Regent brands in the upper premium and luxury segments, has eight cruise ships, according to the filing with the Securities and Exchange Commission.
The filing did not reveal how many shares the company planned to sell, their expected price and the exchange it would list the shares on. (link.reuters.com/dyg36v)
Net proceeds from the offering will be used to repay debt and for working capital purposes, Miami, Florida-based Prestige said.
The company's net profit rose to $47.6 million in the nine months ended September 30, from $26.3 million, a year earlier. Revenue rose 7 percent to $917.4 million.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Maju Samuel)