Spanish Tour Operator Secures Refinancing Deal
A syndicate of 19 lenders agreed to terms in a financial restructuring of the cruise branch activity at Spanish tour operator Pullmantur S.A., the largest cruise and tour operator in Spain. The banks agreed to lend € 220m to Pullmantur Cruises, S.L., a subsidiary of Pullmantur S.A., which was newly created to gather the cruise business of the group. Holland & Knight represented Pullmantur S.A. in the deal, which consisted of the restructuring of the cruise business of Pullmantur by separating this particular branch from the rest of the activities of the group, the refinancing of the three existing cruise vessels, and the acquisition of two new ones, all re-registered and re-flagged in Malta.