22.2.2007: Carnival Corp & PLC sells Windstar to Ambassadors International
Carnival Corp & PLC has signed a definitive agreement to sell its Windstar Cruises brand to Ambassadors International Inc. Windstar Cruises, which operates three sailing vessels, is a wholly owned subsidiary of Holland America Line, a unit of Carnival Corporation & plc. Under the terms of the agreement, Windstar will be sold for $100 million, $40 million of which is payable in cash and assumption of liabilities, and Carnival will provide mortgage financing for $60 million. The loan will be payable over 10 years at 7.0% interest, collateralized by the three Windstar ships. Windstar Cruises' three ship fleet comprises of the 312-passenger Wind Surf and the 148-passenger Wind Star and Wind Spirit. Industry observers have noted that Carnival Corp & PLC focuses increasingly on big ships and small ships as those of Windstar fit poorly in its portfolio. Recently, Seabour Cruise Lines ordered two 32,000 gross ton ships – it today operates three vessels in the 10,000 gross ton size range.