Note 13 - Subsequent Event

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

13

 – SUBSEQUENT EVENT

On

April 8, 2019,

the Company entered into a senior secured credit agreement (the “Second Export Credit Agreement”) with Citibank, N.A., London Branch (“Citi”) and Eksportkreditt Norge AS (“EK” and together with Citi, the “Lenders”). Pursuant to the Second Export Credit Agreement, the Lenders have agreed to make available to the Company, at the Company's option and subject to certain conditions, a loan in an aggregate principal amount

not

to exceed

$122.8

million for the purpose of providing pre- and post- delivery financing for up to

80%

of the purchase price of the Company’s new expedition ice-class cruise vessel targeted to be completed in

September 2021.

The Second Export Credit Agreement will bear an interest rate, at the Company’s option, of either a fixed rate of

6.36%

or a variable rate equal to

three

-month LIBOR plus a margin of

3.00%

per annum.

30%

of the borrowing will mature over

five

years from drawdown, and

70%

of the borrowing will mature over

twelve

years from drawdown. Additionally,

70%

 percent of the loan will be guaranteed by Garantiinstituttet for eksportkreditt, the official export credit agency of Norway.