$NCLH - Norwegian Cruise Drops After Offering 48 Million Shares
Norwegian Cruise is offering 47.6 million ordinary shares with another 5 million as an option for underwriter Goldman Sachs.
Shares of Norwegian Cruise Line (NCLH) - Get Report dropped Friday after the cruise operator unveiled a follow-on stock sale as it aims to resume voyages amid the coronavirus pandemic.
Norwegian shares at last check were down 16% to $37.50, its largest decline since June 2020, according to Bloomberg.
The Miami company will offer 47.6 million ordinary shares at $30 each. Goldman Sachs, the sole underwriter, gets an option to buy as many as 5 million more shares.
The offering is expected to close on March 9.
The company burned about $190 million a month in the fourth quarter as its ships remained docked due to social distancing and COVID-19 protocols. The pandemic wrecked the travel industry as people stayed home.
Last week, the company reported a wider-than-expected fourth-quarter loss.
Norwegian reported a net loss of $758.9 million, or $2.51 a share, compared with net income of $121.3 million, or 56 cents a share, in the year-earlier quarter.
The adjusted loss came to $2.33 per share, compared with the FactSet consensus for a loss of $2.17.
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