Ally

The private equity firm Apollo Management has completed its acquisition of Oceania Cruises, a transaction the parties valued at $850m, including the assumption of debt.

Oceania also announced it concurrently refinanced its existing $375m bank loans.

‘The new bank agreements will allow the company to reduce its overall financing and carrying costs associated with the vessels, which should have a positive effect on earnings going forward,’ said Oceania chairman and ceo Frank Del Rio.

Apollo now owns a majority share of the three-ship, upscale line. Del Rio and Oceania’s founding investors remain shareholders and the company will operate under existing management.

Last month Oceania announced a memorandum of agreement with Fincantieri to build two ships with an option for a third. The order is expected to be firmed in mid-May.

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Ally - CruisingTalk Administrator

1965 - Cunard Queen Mary
1967 - Cunard Queen Elizabeth
1970 - Cunard Queen Elizabeth 2
1971 - P&O Oriana
1972 - SS France
1975 - SS Leopard
1977 - P&O Canberra
2005 - NCL Norwegian Jewel - Shakedown Cruise - Jersey
2005/6 - NCL Norwegian Crown - Chile, Cape Horn, Falkland Islands, Uruguay & Argentina - Christmas/New Year cruise
2006 - Fred Olsen Braemar Mini Cruise - Amsterdam & Zeebrugge
2007 - Fred Olsen Braemar Transatlantic - Jamaica, Cuba, Bahamas, Bermuda & Azores
2007 - Fred Olsen Braemar Mini Cruise - Guernsey & Amsterdam
2007 - NCL Norwegian Gem - Shakedown Cruise - Amsterdam
2008 - Costa Allegra - Hong Kong, Philippines, Borneo, Brunei, Singapore, Saigon, Da-Nang & Sanya

Coming up next.....

10/10/2009 - Costa Classica - Grand Oriental Cruise - Shanghai, Nagasaki, Tokyo, Kobe, Naha, Keelung and Hong Kong - 16 Nights Cruising in: 311 day(s), 18 hour(s), 52 minute(s)