ResidenSea restructures debt with new $141 million facility

By Sara Rosenberg

New York, Feb. 6 - ResidenSea Ltd. restructured its debt financing to consist of an amortizing $91 million term loan due in 2008 and an increased $50 million revolver due in 2005.

"With these new financial arrangements in place, we are confident that sales velocity will increase, potentially outpacing the $20 million of residences sold since delivery," said Robert Riley, president and chief executive officer, in a news release.

ResidenSea is a Miami first mixed-use resort community at sea.

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