Cruise Holdings announces major recapitalization; accelerates plans for going public.MIAMI--(BUSINESS WIRE)--June 25, 1997--Cruise Holdings Ltd. announced Wednesday the completion of a comprehensive recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. consisting of a debt refinancing Refinancing An extension and/or increase in amount of existing debt. through Skandinaviska Enskilda Banken SEB or Skandinaviska Enskilda Banken AB, is a North-European financial group for corporate customers, institutions and private individuals. Its activities comprise mainly banking services, but SEB also carries out significant life insurance operations. and an equity private placement arranged by Enskilda Securites. The recapitalization positions the company for further expansion within the cruise industry. "We are extremely pleased with the overwhelming interest and response that we have received in the investor market, and we are happy to welcome some of Scandinavia's most prominent investors as shareholders in Cruise Holdings," said Kristian Stensby, Cruise Holdings' chairman. "Given the success of the private placement, we plan to accelerate the schedule for a public listing of Cruise Holdings' common stock, possibly as early as the latter half of this year, or during the first quarter of 1998. Furthermore, we concur CONCUR - ["CONCUR, A Language for Continuous Concurrent Processes", R.M. Salter et al, Comp Langs 5(3):163-189 (1981)]. with Royal Caribbean Cruise Line's desire to be listed on the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. and believe that having three large cruise companies listed on the same exchange will encourage proper analytical coverage." Einar Gruner-Hegge, Cruise Holdings' group treasurer, said the company is currently experiencing strong bookings and expects to produce satisfactory results in 1997, even with the company's five ships undergoing extensive dry-dockings for SOLAS Sol´as n. 1. Solace. compliance and substantial cosmetic upgrades. "We expect 1998 to be a very solid year with all vessels in full operation and a cost-efficient shoreside operation," Gruner-Hegge said. "Given our contractual relationships with tour operators, such as Thomson Holidays in the United Kingdom, we expect our bookings to continue to be strong." Headquartered in Miami, Cruise Holdings owns and operates Premier, Dolphin and Seawind Cruise Lines
Name Headquarters A'rosa Europe NCL America America AIDA Cruises Europe American Cruise Lines America . CONTACT: Thorp & Co. David Schull, 305/446-2700 or Cruise Holdings Kristian Stensby or Einar Gruner-Hegge 305/573-5640 |
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