Top Headlines

Fred. Olsen Cruise Lines donates 17.6 tonnes of food to Barbados charities

Details

Written by Kari Reinikainen Kari Reinikainen

Category: Top Headlines Top Headlines

Published: 06 April 2020 06 April 2020

Fred. Olsen Cruise Lines, the UK based destination focused cruise line,  said it has been working with its Port Agent in Barbados, Caribbean, Platinum Port Agency Inc. and the Barbados Port to support local charities with a donation of fresh produce from a container of food supplies intended for its ship, Braemar, which was left in Bridgetown after the port call had to be cancelled. 

“Fred. Olsen decided to donate the container – comprising 18 pallets / 17,598kg of chilled fruit and vegetables – to a number of deserving local charities, with the kind co-operation of the Barbados Port. These included the YWCA, Barbados Homeless Society and The Red Cross, as well as the Salvation Army and St. Dominic’s Catholic Church children’s feeding program,” the company said in a statement.

Peter Deer, Managing Director of Fred. Olsen Cruise Lines, said: “We did not want this container of perfectly good fresh produce to go to waste, as there are so many deserving causes in Barbados, and we knew that they could make use of it to benefit a great many local people in these difficult and challenging times. We are just happy that we were able to help to make a difference on the island in this small way, and we thank our partners in Barbados for making this happen.” 

Senator Lisa Cummins, Chairman of the Barbados Port, said: “We very much appreciate this donation and engaged with local partners like the YWCA, who have local feeding programs. We have been able to provide food supplies for 130 families and boosted The Red Cross ‘Meals on Wheels Program’, giving valuable support to our most vulnerable families. During this crisis, we have had no end of traumatic stories. But we have also had wonderful stories of people helping others in difficult times. This is one of those wonderful stories. Thank you to the Fred. Olsen team on behalf of the Barbados Port and our local communities for making this special donation.”

Saga expects Spirit of Adventure delivery within 12 months

Details

Written by Kari Reinikainen Kari Reinikainen

Category: Top Headlines Top Headlines

Published: 02 April 2020 02 April 2020

The delivery of Spirit of Adventure, the second of two 58,250 gross ton cruise ships for Saga Cruises in the UK from Meyer Werft in Germany, is likely to be delayed but to take place within the next 12 months, parent company Saga plc said in a statement

“While there is uncertainty over the delivery date for Spirit of Adventure as a result of the COVID-19 crisis, the Group's expectation is that this will be completed within the next 12 months. This will complete the transformation of the Cruise business,” Saga said in a statement.

A delay of the delivery has been considered within planning scenarios and is not anticipated to significantly change the Group's financial position. 

“Successful launch of Spirit of Discovery; financial performance in the first six months of operation wasconsistent with a full year objective of £40m of EBITDA. As at 31 January 2020, forward Cruise bookings for 2020/21 were at 80% of the full year target, ahead of internal expectations,” Saga stated.

 

 

Saga, lenders agree to relax loan covenants

Details

Written by Kari Reinikainen Kari Reinikainen

Category: Top Headlines Top Headlines

Published: 02 April 2020 02 April 2020

Saga plc, the UK based listed financial services to cruise shipping group, and its lenders have agreed to relax certain loan covenants in the wake of the coronavirus crisis, the company said in a statement.

The net debt to EBITDA (excluding Cruise debt and EBITDA) covenant within the Term Loan and RCF (revolving credit facility) was increase to 4.75x from 3.5x for reporting periods from 30 July 2020 to 30 April 2021, and to 4.25x at 30 July 2021.

The company booked a net loss of £300.9 million on revenues of £797.3 million in 12 months to January 2020 as an impairment charge of £383.0 million hurt the bottom line.

A year earlier, the loss had been £162.2 million on revenues of  £841.5 million, with an impairment charge of £310.0 million affecting the bottom line.

“In a year of change, Saga has made significant operational progress and strengthened the management team to ensure the business is positioned to deliver for our customers and members and for investors. Our Insurance and Cruise businesses made good progress against the priorities we set out in April and we have moved to significantly strengthen our financial position, reducing debt and operating expenses and improving cash flow,” CEO Euan Sutherland said in a statement.

Carnival Corporation prices note, share offers, adjusts volumes

Details

Written by Kari Reinikainen Kari Reinikainen

Category: Top Headlines Top Headlines

Published: 02 April 2020 02 April 2020

Carnival Corporation, the Panama domiciled and US listed holding company in the Carnival Corporation & plc group, has priced private placements of notes and shares unveiled on 31 March and adjusted volumes of two of the three offerings, the company said in a statement.

The first priority senior secured notes offering unveiled on 31 March was increased to $4 billion from $3 billion. The notes will carry a coupon of 11.50% and they will mature on 1 April 2023.

Senior convertible notes placement of $1.75 billion carries a coupon of 5.75%, the company said, adding that initial purchasers of the notes have an option to purchase a further $262.5 million worth of the notes. This option will close on 18 April.

Unless converted into common stock of Carnival Corporation, the convertible notes will mature on 1 April 2023. Their can initially be converted to common stock of the company at a rate of $1,000 worth of notes to 100 shares, giving a conversion price of $10.00 per share.

Finally, the company reduced an offering of common stock to $500 million from $1.25 planned earlier. The shares are priced at $8.00 each. Underwriters of the issue have an option to buy a further 9.375 million share a the same price. The option will run until 1 May.