Ambassadors International has consummated its exchange offer for the company’s outstanding 3.75% Convertible Senior Notes due 2027, the company wrote in a letter addressed to travel partners and clients, signed by Art Rodney, CEO, and Diane Moore, president of Windstar Cruises.

The consummated exchange offer positions Ambassadors International for long-term financial viability and growth by strengthening the company’s balance sheet, reducing outstanding debt, and decreasing the company’s annual cash interest expense, the letter said.

The company said it continues to execute the plan announced in Feb. 2009 to focus all capital and efforts on Windstar Cruises and the small ship luxury segment.

Windstar recently announced its latest phase of its Degrees of Difference initiative which is a continued investment in its award-wining cruise product. The latest phase adds amenities and enhancements to the fleet, “taking the ships to a new degree of excellence and delivering an experience that continues to raise the bar.” The initiative will be completed in stages, finishing the summer of 2010.

With this new initiative, we look forward to providing our Windstar guests an even more luxurious and personalized vacation experience that is “180 Degrees from Ordinary,” wrote Rodney and Moore.

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