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October 26, 2010

NCL Corporation files for IPO

NCL Corporation Ltd., the parent of Norwegian Cruise Line has filed a registration statement with the SEC relating to a proposed initial public offering ("IPO") of its ordinary shares. The company is looking to raise up to $250 million.

The news came one day after NCL reported that it had agreed to build two new cruise ships at Meyer Werft and followed the release of results for the third quarter ended September 30, 2010 that included an EBITDA improvement for the quarter of 21.4 percent to $184.1 million versus $151.6 million for the same period in 2009.

"Both improved ticket pricing across our fleet and the introduction of Norwegian Epic into regular service contributed to our strong results for the quarter," said Kevin Sheehan, chief executive officer of Norwegian Cruise Line. "Our 21% improvement in EBITDA was achieved despite one-time costs related to Norwegian Epic's start-up and inaugural activities, as well as an increase in the price of fuel. We continue to keep a razor-sharp focus on our cost discipline and containment measures."

Interest expense, net of capitalized interest, increased to $46.2 million in the quarter compared to $25.8 million in 2009 due to higher average interest rates and an increase in borrowings related to the addition of Norwegian Epic. Other income improved to $1.6 million in 2010 versus an expense of $2.1 million in 2009 primarily due to gains on fuel derivatives in 2010 versus foreign currency losses in 2009.


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