SEATTLE, March 24 /PRNewswire-FirstCall/ -- Ambassadors
International, Inc. (Nasdaq: AMIE), the parent company of Windstar
Cruises, today announced the establishment of 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, to be drawn in two
tranches. The first tranche of the term loan was funded on
March 23, 2010, in the amount of
$7.5 million.
Borrowings under the new credit facility will be used to fund
working capital needs of Ambassadors, Windstar and Ambassadors'
other subsidiaries. Approximately $7.0
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
2010.
Loans under the credit facility are secured by the three
Windstar vessels and substantially all the other assets of
Ambassadors and its subsidiaries. The loans mature on
January 2, 2012. The lenders
under the credit facility are certain funds and accounts managed by
Whippoorwill Associates, Inc. The administrative and
collateral agent for the facility is Law Debenture Trust Company of
New York.
In connection with the new credit facility, the Company also
entered into an amendment to the Indenture relating to its 10%
Senior Secured Notes due 2012 to allow for the new credit
facility.
"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, Chief Executive Officer,
Ambassadors International, Inc.
About Ambassadors International, Inc.
Ambassadors International, Inc. is primarily a cruise company.
The Company operates Windstar Cruises, an international, luxury
cruise line. The Company is transitioning its headquarters from
Newport Beach, California to
Seattle, Washington. In this press
release, any reference to "Company," "Ambassadors," "management,"
"we," "us" and "our" refers to Ambassadors International, Inc. and
its management team.
Additional Information
For further information, please contact Tammy Smolkowski of Ambassadors International,
Inc. at (206) 292-9606.
SOURCE Ambassadors International, Inc.