Why It Rates: Norwegian had an incredible 2017 and a secondary offering will pay back current shareholders while allowing new investors to get into the action.—Michael Schottey, TravelPulse Director of Digital Content.

Norwegian Cruise Line Holdings Ltd. announced today the pricing of the previously announced secondary public offering of 19,500,000 of its ordinary shares by certain funds affiliated with Apollo Global Management, LLC and Star NCLC Holdings Ltd. (together, the “Selling Shareholders”) pursuant to an automatic shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission (the “SEC”) at a price to the public of $56.00 per ordinary share. The offering is expected to close on or about March 2, 2018, subject to customary closing conditions. Norwegian did not sell any ordinary shares in the offering and will not receive any of the proceeds from the offering.

Morgan Stanley is acting as the sole underwriter for the offering (the “Underwriter”).

Concurrently with and subject to completion of the offering, Norwegian has agreed to repurchase from the Underwriter ordinary shares that are being sold by the Selling Shareholders in the offering having an aggregate purchase price of approximately $263.5 million at a price per share equal to the price per share to be paid by the Underwriter to the Selling Shareholders. The share repurchase is part of Norwegian’s existing $500.0 million share repurchase program.

A registration statement relating to Norwegian’s ordinary shares was previously filed with the SEC and became effective upon filing. Any offer or sale will be made only by means of a written prospectus supplement and accompanying prospectus forming a part of an effective registration statement. The prospectus supplement and accompanying prospectus may be obtained by contacting Morgan Stanley.

Source: A Norwegian Cruise Line Press Release