Twitter LinkedIn
    Friday, January 27
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»Deals & Transactions»L Catterton Makes $600 Million Return on Norwegian Cruise Bonds
    Deals & Transactions

    L Catterton Makes $600 Million Return on Norwegian Cruise Bonds

    March 12, 2021Updated:March 12, 20211 Min Read
    LinkedIn Facebook Twitter Email WhatsApp
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    Private equity firm L Catterton’s investment in Norwegian Cruise Line Holdings Ltd. has paid off with a $600 million gain in less than one year, amounting to returns of more than 150%. The cruise ship operator said it has agreed to pay $1.03 billion to buy back bonds that it sold to the private equity firm in May for $400 million. Norwegian has sold around $1.4 billion of shares to finance the purchase, according a filing Tuesday evening. Leftover proceeds will go to general corporate purposes.

    Cruise companies have had to issue billions of dollars of shares and bonds to raise money to get them through the Covid-19 crisis, which shuttered the industry and left corporations burning cash.

    The notes were structured as exchangeable debt, meaning they could be traded in for equity, and matured in 2026. Norwegian’s shares traded around $16.07 on May 28 when the original sale of the notes closed, compared with $29.73 at Tuesday’s close.

     

    Read More

    Source: BNN Bloomberg

    By Paula Seligson

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    Capital deals exits Investments
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    University of California invests $4 bn in redemption-stricken REIT

    January 3, 2023

    Warburg Pincus acquires K2 Insurance Services from Lee Equity Partners

    December 6, 2022

    CAI raises over $1B for inaugural fund and co-investment programme

    November 18, 2022

    KKR looking to sell Canadian gas producer Westbrick for $1.13B

    November 18, 2022

    Comments are closed.

    Other Articles

    Abris Capital Partners to buy Romanian dental ware distributor Dentstore

    January 28, 2022

    Apollo and India’s Reliance Industries make binding £5B offer to buy high street chemist Boots

    June 10, 2022

    UK’s Clinigen agrees to sweetened $1.8bn Triton take-private deal

    January 18, 2022

    BlackRock Boosts Fink’s Pay 21% to $36 Million for Last Year

    April 15, 2022

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2023 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.


    Lost password?