Proceeds from Norwegian Cruise Line's prospective sale of stock to the public
would first be used to pay down about $55.6 million of debt owed on several of its ships.
According to a prospectus filed Jan. 2, it would prepay $21.3 million owed on its revolving credit facility for the Norwegian Pearl and Norwegian Gem; $14.7 million on its Pride of Hawaii loan; $8 million on Norwegian Jewel; $10.1 million on Pride of America; and $1.5 million on a Pride of America commercial loan.
Also, proceeds would pay $79.7 million owed shareholder Genting HK toward Norwegian's previous purchase of the Norwegian Sky. For that payment to be made, the offering must be consummated by May 31.
Norwegian may use further proceeds toward redeeming or prepaying other debt.
The prospectus also discloses that total compensation for Norwegian CEO Kevin Sheehan has declined in each of the past two years, from $5.4 million in 2010 to $3.4 million in fiscal 2012.
Sheehan's base salary rose from $1.02 million in 2010 to $1.11 million in 2012.
To comply with rules that exempt it from U.S. income taxes, Norwegian will have by-laws that restrict any party from owning more than 4.9 percent of stock, other than the three existing shareholders: Genting, Apollo Group and TPG Viking.
UBS Securities and Barclays Capital will lead the group underwriting the stock sale.Follow Tom Stieghorst on Twitter @tstravelweekly.