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Unique Cruise Solutions The news you need to know |
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Cruise News for the Corporate Travel Professional |
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Ambassadors Secures Loan for Windstar Capital Needs, Dry-Docks |
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Ambassadors International Inc., the parent company
of Windstar Cruises, established a new $15 million senior secured revolving
credit and term loan facility, which includes a $5 million revolving credit
facility and a $10 million term loan.
The first part of the term loan was funded on March 23 in the amount of $7.5 million. The loans will be used to fund working capital needs of Ambassadors, Windstar and Ambassadors’ other subsidiaries. Approximately $7 million of the proceeds of the term loan portion of the credit facility will be used to fund scheduled dry-docks of two Windstar vessels in April and November. Loans are secured by the three Windstar vessels and substantially all the other assets of Ambassadors and its subsidiaries. The loans mature on Jan. 2, 2012. The lenders under the credit facility are certain funds and accounts managed by Whippoorwill Associates Inc. “We are very pleased to have this new credit facility for capital improvements and operations as we focus all of our efforts on Windstar Cruises and the small ship luxury segment,” said Art Rodney, CEO of Ambassadors International. |
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Worldwide Travel & Cruise Assoc., Inc. 150 S. University Dr. Ste E, Plantation, FL 33324 - USA Tel: +1 954 452 8800 Fax: +1 954 252 3945 EMail: sales@cruiseco.com |
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