Norwegian Cruise Line Approves $1 Billion Share Repurchase Program

Norwegian Jewel

Norwegian Cruise Line Holdings today announced that its Board of Directors authorized a three-year, $1 billion share repurchase program.

The company said it may repurchase its ordinary shares from time to time, in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations.

Norwegian said it may make repurchases in the open market, in privately negotiated transactions, in accelerated repurchase programs or in structured share repurchase programs, and any repurchases may be made pursuant to Rule 10b5-1 plans. The program will be conducted in compliance with applicable legal requirements and will be subject to market conditions and other factors.

“The $1 billion share repurchase program authorization reflects our ongoing confidence in our financial strength and the long-term outlook of our business,” said Frank Del Rio, president and chief executive officer of Norwegian Cruise Line Holdings Ltd. “Our strong and growing cash flow will allow us to deepen our commitment to provide returns to our shareholders while continuing to invest in our product, innovation and growth.”

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Royal Caribbean: Completion Of Accelerated Share Repurchase

Royal Caribbean Cruises today announced that it has completed the $200 million accelerated share repurchase program announced on October 23, 2015.

Under the terms of the program, the company repurchased a total of 2,103,288 shares of common stock at a price per share of $95.0892.

The repurchase price was determined based on the average of the daily volume-weighted average prices of the stock during the term of the transaction, less a discount.

The ASR transaction was executed as part of an authorization by the company’s Board of Directors to repurchase up to $500 million of common stock.

With the completion of the transaction $300 million remains under the share repurchase authorization.  The company expects to complete the program by year-end 2016.