Genting HK Issues Secondary Block Trade of Norwegian Cruise Line Shares

August 16, 2017

Cleary Gottlieb represented Genting Hong Kong Limited (Genting HK) and its wholly owned subsidiary Star NCLC Holdings Ltd. (Star), as selling shareholder, in a registered secondary block trade of ordinary shares of Norwegian Cruise Line Holdings Ltd. (NCL).

Prior to this transaction, Genting HK/Star held approximately 11.1 percent of the outstanding ordinary shares of NCL. Star, affiliates of Apollo Global Management, LLC and affiliates of TPG Global, LLC together sold an aggregate of 15 million ordinary shares of NCL to Citigroup Global Markets Inc., Barclays Capital Inc. and Goldman Sachs & Co. LLC, the underwriters of the offering, at $54.57 per share. The aggregate net proceeds to the selling shareholders were approximately $818.6 million. Star sold 7.5 million ordinary shares in this block trade for net proceeds to Genting HK/Star of approximately $409.3 million. Following the completion of this offering, Genting HK/Star continue to hold approximately 7.8 percent of the outstanding ordinary shares of NCL.

The offering priced on August 10, 2017, and closed on August 16, 2017.

Founded in 1993, Genting HK is a leading global leisure, entertainment and hospitality enterprise, with core competencies in both land- and sea-based businesses. Its headquarters are located in Hong Kong, and Genting HK has a presence in more than 20 locations worldwide, with offices and representatives in Asia, Australia and Europe. Genting HK’s cruise businesses fall under Genting Cruise Lines, comprised of Star Cruises, Dream Cruises and Crystal Cruises. Genting HK also owns German shipyards MV Werften and Lloyd Werft, prominent nightlife brand Zouk and Resorts World Manila, an associate of Genting HK.