March 25, 2010 (FinancialWire) — Ambassadors International, Inc. (NASDAQ : AMIE), the parent company of Windstar Cruises, said it has established a new $15 million senior secured revolving credit and term loan facility, which includes a $5 million revolving credit facility and a $10 million term loan, to be drawn in two tranches.

The first tranche of the term loan was funded on March 23, 2010, in the amount of $7.5 million.

Ambassadors said it will use borrowings under the new credit facility to fund working capital needs of Ambassadors, Windstar and Ambassadors' other subsidiaries.

Around $7.0 million of the proceeds of the term loan portion of the credit facility will be used to fund scheduled dry-docks of two Windstar vessels in April and November 2010.

Loans under the credit facility are secured by the three Windstar vessels and substantially all the other assets of Ambassadors and its subsidiaries. The loans mature on January 2, 2012.

Seattle-based Ambassadors International is primarily a cruise company. The company operates Windstar Cruises, an international, luxury cruise line. The company is transitioning its headquarters from Newport Beach, California to Seattle, Washington.

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