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Windstar Cruises Gets Financial BoostMarch 24, 2010 By: David Eisen
Windstar Cruises may be getting a financial shot in the arm. Ambassadors International, Inc., the parent company of the cruise line, has secured 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. Borrowings under the new credit facility will be used to fund working capital needs of Ambassadors, Windstar and Ambassadors’ other subsidiaries. What it really means is that Windstar will be receiving its planned improvements. Approximately $7 million of the proceeds will be used to fund scheduled dry-docks of two Windstar vessels in April and November 2010.
“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, Inc.