Ambassadors greenshoe partially exercised, raising 3.75% convertible to $97 million

By Angela McDaniels

Seattle, April 13 - Ambassadors International Inc. said the underwriter of its offering of 3.75% convertible senior notes due April 15, 2027 exercised $12 million of its $15 million over-allotment option, raising the size of the deal to $97 million.

The company priced $85 million of the notes on March 28 at par with an initial conversion premium of 25% and a conversion price of $55.94 via Thomas Weisel Partners.

Ambassadors, a Newport Beach, Calif.-based cruise and travel company, said it will use the proceeds to retire $60 million of seller financing expected to arise from its pending acquisition of Windstar Cruises and to fund general purposes.

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