Resort at Sea Announces Refinancing

7th May 2003

ResidenSea, Ltd. - owner and operator of The World, the first mixed-use resort community at sea - has restructured its debt financing. The terms of the new arrangement are an amortising $91 million term facility, due in 2008 and an increased $50 million revolving facility, due in 2005.

According to Robert Riley, President and CEO, the restructured debt financing supports the latest business plan and assists the company`s business strategy. “With these new financial arrangements in place, we are confident that sales velocity will increase, potentially outpacing the $20 million of residences sold since delivery,” said Riley.

The World of ResidenSea presents privately owned and rental residences for the high-end vacation market together with a spectacular 7,000 sq-ft spa and an impressive array of sports and leisure activities. These include a retractable water sports marina, a golf centre with driving ranges, putting greens and high-tech simulators, a full-size tennis court, jogging track, two swimming pools, gymnasium and sauna.

The World Spa by Clinique La Prairie is hailed to be one of the best equipped wellness and spa operations at sea. Treatments presented by the celebrated Swiss clinic within the nine treatment rooms range from thalassotherapy to scientific skincare. In addition, The World Spa includes a complete aqua spa - offering steam rooms, whirlpool, tropical showers and there is also a salon onboard for beauty basics such as hairdressing and manicures.




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