Commodore Holdings Closes on $10 Million Financing.HOLLYWOOD, Fla.--(BUSINESS WIRE)--Dec. 7, 1998--Commodore Holdings Ltd. (Nasdaq:CCLNF) Monday announced it has closed on $10 million in financing from KeyCorp Leasing, a division of Key Corporate Capital Inc. The $10 million loan represents the first phase of financing secured for CCLNF by Gruntal & Co., LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Commodore's investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. for this transaction. The loan will be secured by one of Commodore's three vessels, the S/S S/S Signs & Sx S/S Staples & sutures Universe Explorer. The proceeds of the loan will be used to refinance a portion of Commodore's existing loan with Merita Bank and for working capital. "This represents Commodore's first step in raising capital to fund our expansion plan," stated Jeffrey I. Binder, chairman of the board. "It will provide the company with additional working capital both for existing operations as well as possible acquisitions." A veteran of the cruise business Commodore Cruise Line A cruise line is a company that operates cruise ships. Cruise lines have a dual character; they are partly in the transportation business, and partly in the leisure entertainment business, a duality that carries down into the ships themselves, which have both a crew headed by the began operations in 1996 and is known for pioneering new routes and innovative cruise packages. South Florida based Commodore Holdings Ltd., with over $60 million in assets, operates Commodore Cruise Line. Commodore was selected by Travel Holiday magazine as "the best cruise for the money" and just last month in a poll by members of America Online See AOL. (AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. ), Commodore was chosen as one of "The Top 10 Best Values." This press release contains forward-looking statements which are subject to change. These forward-looking statements may be significantly impacted, either positively or negatively by various factors, including without limitation, competing in a saturated industry against modern and larger fleets, the ability of the company to obtain financing for the acquisition of additional vessels, the potential for additional government regulations, the need for expensive upgrades and/or maintenance to aging vessels and general economic conditions in the cruise and gaming industries and the markets in which the company operates. Additional information concerning potential factors that could affect the company's financial results is included in, but not limited to, its form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other filings with the Securities and Exchange Commission. |
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