Festival Cruises intends to raise 200 million euros from a bond offering through lead banks Banque Nationale de Paris and Chase Manhattan, which will be followed by a public offering for 25 to 40 percent of the company, according to company chairman George Poulides.

Poulides has also released some financial data, which showed that the company had net income of 16.5 million euros on revenue of 240 million euros in 2000. Festival takes delivery of its second new ship, the 1,500-passenger European Vision, from Chantiers de l'Atlantique this June, to be followed by a sister ship, the European Dream, in 2002.

In addition, Festival holds two options on 2,000-passenger ships slated for deliveries in 2003 and 2004. Festival is also one of three partners in Spanish Cruise Line, which operates Festival's Bolero on a three-year charter, and which has also announced plans to build two Spanish-flagged 750-passenger vessels.

Poulides also confirmed Festival's commitment to remain focused on European source markets.

Festival's shares would eventually be listed in London, Frankfurt, Paris or Milan.