Ambassadors International may look to buy back convertibles, stock

By Jennifer Chiou

New York, July 31 - Ambassadors International Inc. would like to be in a position to repurchase its convertible bonds if they continue to trade at a significant discount and its stock if it remains at its current prices, according to a 10-Q filing with the Securities and Exchange Commission.

Ambassadors said it is also seeking financing in which it can leverage the assets of Windstar Cruises, adding that if it is successful in both the sale of the Majestic America Line and the financing of Windstar Cruises, it will once again be in a position to allocate capital.

The company noted that it sees opportunities in both international small ship cruising and in its marine segment.

On April 3, 2007, Ambassadors closed the sale of $97 million of 3.75% convertible senior notes due 2027 to Thomas Weisel Partners LLC.

The notes are convertible into shares of the company's common stock at an initial conversion rate of 17.8763 shares per $1,000 principal amount, equivalent to an initial conversion price of $55.94 per share.

The Newport Beach, Calif.-based cruise and travel company's stock (Nasdaq: AMIE) closed at $2.55 per share on Wednesday and at $3.86 per share on Tuesday.

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