The over-50s specialist said the “unsecured” bonds, alongside several other financial transactions, would improve its “financial flexibility” by giving the company more liquidity, as well as extending the maturities of its debt and providing “greater headroom” against its banking covenants.
Saga said that the £250 million bond would be “subject to market conditions and further details will be announced in due course”.
The money will be used to repay an existing loan, pay back investors in a previous bond issue and for “general corporate purposes”.
Last week, Saga reported high load factors for its cruises ahead of the planned resumption of sailings later this month.
Although the itineraries of some of Saga’s UK cruises have been amended due to the Scottish government’s decision not to allow cruise ships to currently visit the country’s ports.
