Prestige Cruises Withdraws IPO Plan
Prestige Cruises International Inc, which was bought by Norwegian Cruise Line Holdings Ltd in a $3 billion deal in September, filed with U.S. regulators to withdraw its plan for an initial public offering. Prestige Cruises, which operates under the Oceania and Regent Seven Seas brands in the upper premium and luxury segments, was created by Apollo Global Management LLC in 2007 to hold its luxury cruise investments. Prestige Cruises filed in January last year to go public, with a nominal fundraising target of $250 million.
Madsen to Head Norwegian Cruise Line
Norwegian Cruise Line Holdings Ltd. announced today that Drew Madsen has joined the company as president and chief operating officer of Norwegian Cruise Line. Madsen brings more than 30 years of leadership experience in the hospitality and consumer products industry, most recently as president and chief operating officer at Darden Restaurants, Inc. Prior to Darden, Drew held leadership and marketing positions at James River Corporation and General Mills, among others. "Having delivered exceptional results during his tenure at Dardenā¦
Norwegian to Buy Prestige Cruises in $3b Deal
Norwegian Cruise Line Holdings Ltd (NCLH.O) said it would buy Prestige Cruises International Inc from its owner Apollo Global Management LLC (APO.N) in a $3 billion deal to expand its high-end luxury cruise offerings. Shares of Norwegian Cruise, the world's third-largest cruise operator, were up 13 percent at $37.57 in early trading. Prestige, which in January registered with U.S. regulators for an initial public offering, owns upper-premium cruise operator Oceania Cruises and luxury cruise operator Regent Seven Seas Cruises. The company operates eight ships, with about 6,500 berths.
Prestige Files for an IPO
Moody's Investors Service said Prestige Cruises International, Inc. , the indirect parent company of Oceania Cruises, Inc. (Oceania - B3, positive) and Seven Seas Cruises S. DER.L. (Regent - B2, stable), filing yesterday to take the company public is a credit positive. Oceania is a five-ship cruise company (one ship on charter through April 2014). Oceania targets the upper premium segment of the cruise industry. Regent is a three-ship (plus one on order) cruise ship operator that targets the luxury segment of the cruise industry. moodys.com
