The Bahamas’ OneSpaWorld Holdings Limited will go to market to raise additional capital to finance its global health and wellness operations.
The company’s shareholders last week, at the 2020 annual meeting, voted in favour of raising US$75 million through private placement.
Welcoming the decision of the OneSpaWorld shareholders, Executive Chairman Leonard Fluxman said, “We are thrilled with this outcome and grateful to our shareholders who supported the board and management team in their efforts to secure the best committed financing option available under the most dire of circumstances. Approval of this financing ensures that OneSpaWorld will remain compliant with our debt covenant as of June 30 and provides us with the certain liquidity necessary to sustain our operations for up to 24 months if current unprecedented conditions persist.
OneWorldSpa is a premier provider of health and wellness products and services onboard cruise ships and in destination resorts around the world.
“We are now in a position to seamlessly ramp operations and focus the team on executing value-driving initiatives when our cruise line partners are permitted to resume sailing and our destination resort partners reopen,” Fluxman explained.
The company would have had to wait for an independent inspector to certify the elections before filing the voting results of the 2020 Annual Meeting with the Securities and Exchange Commission in the United States.