Star Cruises returns to equity markets

The Malaysian owned company completes a $180 million convertible and launches a simultaneous rights offering for a further $100 million.

Lead manager JPMorgan completed an upsized convertible for the world's fourth largest cruise operator on Wednesday. Both the convertible and the simultaneous rights offering are designed to ease pressure on the company's debt load, increase its freefloat and help fund the acquisition of two new vessels for $790 million.

The convertible in particular offers welcome diversification from Taiwan FIG and tech. And while the company is listed in Hong Kong, it is owned by the Genting group...

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