Shares of Norwegian Cruise Line Holdings Ltd. NCLH, -0.69% dropped 4.3% in premarket trading Friday, after the cruise operator said it started a public offering of 47.58 million shares. The company said it plans to use the proceeds from the offering to repurchase all of its subsidiary NCL Corp. Ltd.’s exchangeable senior notes due 2026 currently held by an L Catterton affiliate. The share offering represents 15.1% of the shares outstanding as of Feb. 16. The company’s cruises remain suspended through May 31 as a result of the COVID-19 pandemic. Norwegian’s stock, which closed Wednesday at a one-year high, has rallied 25.1% over the past three months, while the S&P 500 SPX, -1.34% has gained 1.9%.
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