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April 22, 2008 |
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GRAND CIRCLE: Moody's Withdraws All Ratings on Canceled Deal Moody's Investors Service has withdrawn all the ratings for Grand Circle Holdings, LLC, including the B2 Corporate Family Rating, as well as the issue ratings of its subsidiaries. The ratings are being withdrawn because the transaction has been canceled. The last rating action occurred on March 20, 2008. Ratings withdrawn are: Grand Circle Holdings, LLC -- Corporate family rating at B2 -- Probability of default rating at B2 -- US$170 million senior secured second lien facilities rated B2 consisting of these: Grand Circle River Cruise Lines, LLC - US$145 million senior secured second lien term loan guaranteed by Grand Circle Holdings, LLC at B2 (LGD 4, 52%) GC Cayman Holdings, LTD - US$25 million senior secured second lien term loan guaranteed by Grand Circle Holdings, LLC and Grand Circle River Cruise Lines, LLC at B2 (LGD 4, 52%) Headquartered in Boston, Massachusetts, Grand Circle Holdings LLC, through its brands: Grand Circle Cruise Line, Grand Circle Travel and Overseas Adventure Travel, offers more than 100 river cruise tours, river barge tours, small-ship ocean tours, extended stay vacations, safaris, and adventure vacations. Pro- Forma revenues for the twelve-month period ended Dec. 31, 2007, was approximately US$729 million. The company has a subsidiary in Cayman Islands. |
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