Two of the major shareholders in Norwegian Cruise Line Holdings (NCLH) are selling more of their stock for $543m.
The secondary public offering of 10m shares by Apollo Global Management and Genting's Star NCLC Holdings has been priced at $54.35 each, against $54.30 in current trading.
The deal is expected to close on or about 20 November.
NCLH has not sold any shares and will not bank any of the proceeds, it said.
Morgan Stanley is acting as the sole underwriter.
In 2015, Apollo, Star NCLC and TPG Global put 20m shares up for sale, worth $1.18bn.
The year before, Genting’s shareholders authorised the board to sell its holding of 56.81m shares from time to time.
Funding firepower increased
Last month, as part of ongoing efforts to deleverage and reduce interest expense, the cruiseship company redeemed all of its outstanding 4.625% senior notes due 2020.
It also amended its existing senior secured credit facilities by increasing and repricing its $750m revolver and repricing the $1.41bn owed under a term loan.
The amendment added $125m to the revolver, bringing it to $875m.
Both of these facilities pay interest at Libor plus 1.75%.
It has also arranged a new loan worth $375m that expires in 2021 at the same rate.
This money was used to buy back the notes.
The company said it made a net profit of $440.69m in the third quarter, from $342.37m a year ago.
Revenue was up to $1.19bn against $1.07bn in 2016.
