Kloster Cruise Going Public

Kloster Cruise Limited has filed a registration statement with the Securities and Exchange Commission in connection with an initial public offering of 6.5 million shares of common stock.

The First Boston Corporation is the underwriter of the 5 million share offering, which the line hopes will generate more than $100 million. The expected offering price range is $14 to $17 per share. (Credit Suisse First Boston Limited will offer 1.5 million shares outside the United States and Canada.)

The company will use the net proceeds to repay outstanding debts, to finance ongoing construction, and for working capital purposes.

The company is currently owned 100 percent by Vard A/S, a diversified Norwegian company. After the offering, Vard will own approximately 80 percent of Kloster Cruise.

It is expected that the shares will be listed on the New York Stock Exchange and be traded by mid-November.

Kloster Cruise Limited has two cruise divisions: Royal Viking Line, with three ships and a total capacity of 2,130 passengers; and Norwegian Caribbean Lines, with five ships and a total capacity of 4,664 passengers.

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