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Norwegian hopes to close on Prestige deal by mid-November

The acquisition of Prestige Cruises International is moving forward and will likely close by mid-November, Norwegian Cruise Line Holdings CEO Kevin Sheehan told Seatrade Insider.

Anne Kalosh, Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

October 13, 2014

1 Min Read
Credit: Seatrade Cruise News

One outstanding item, a waiver related to the financing for Seven Seas Explorer, under construction at Fincantieri's Sestri Ponente, is expected from Italy's export credit agency, SACE. That should be just a formality, Sheehan said.

Last week the $3bn Norwegian-Prestige deal received US antitrust clearance following a Hart-Scott-Rodino review. The week before, company officials met with Moody's and Standard and Poor's ratings agencies, Sheehan said.

The closing would take place 20 days after the filing of a shareholders' information statement that details the acquisition, which is to be financed with cash, new and existing debt facilities and by issuing nearly 20.3m NCLH shares or approximately $670m to Prestige shareholders.

The deal already has the green light from Norwegian's major shareholders.

Sheehan said the company plans an investor meeting in December in New York.

About the Author

Anne Kalosh

Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

Anne Kalosh covers global stories, reporting both breaking and in-depth news on cruising's significant people, places, ships and trends. A sought-after expert on cruising, she has moderated conferences around the world, including the high-profile State of the Industry panel at Seatrade Cruise Global. She created and led the acclaimed itinerary-planning case study for Seatrade's cruise master classes held at Cambridge and Oxford universities. She has been the cruise columnist for AFAR.com, and her freelance stories have appeared in a wide range of publications, from The New York Times to The Miami Herald.

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