By Olivia Oran
Jan 17 Global cruise line operator Norwegian
Cruise Line Holdings Ltd priced its initial public
offering at $19 a share on Thursday, above its expected range,
an underwriter said.
The Miami, Florida-based company, backed by private equity
firms Apollo Global Management LLC and TPG, raised
$446.5 million by pricing 23.5 million shares as planned.
Norwegian Cruise Line, which is selling all the shares being
offered, had intended to price shares at $16 to $18.
The deal marks the first public float in 2013 from a private
It will use IPO proceeds to redeem outstanding debt and to
pay expenses associated with the offering.
Norwegian Cruise Line competes with cruise operators
including Carnival and Royal Caribbean Cruises Ltd
. It operates 11 ships and cruises which range in length
from one day to three weeks.
In 2008, Apollo and TPG purchased stakes in Norwegian Cruise
Line for $1 billion. Apollo acquired a 37.5 percent stake while
TPG acquired a 12.5 percent stake. Cruise operator Genting Hong
Kong Ltd held the remaining 50 percent.
Norwegian Cruise Line generated adjusted earnings before
interest, tax, depreciation and amortization of $540.4 million
on revenue of $2.3 billion in the 12 months ended Sept. 30.
UBS and Barclays are the lead underwriters on the offering.
Norwegian Cruise will list its shares on the Nasdaq under
the symbol "NCLH."