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Unique Cruise Solutions The news you need to know |
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Cruise News for the Corporate Travel Professional |
June 2011 Edition |
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Royal Caribbean secures Project Sunshine financing |
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A new generation Crown & Anchor ship is on the way with Royal
Caribbean Cruises Ltd. securing an agreement with KfW IPEX-Bank to finance the
first Project
Sunshine ship to be built at Meyer Werft. The unsecured term loan is for the
US dollar equivalent of up to €595m at a fixed interest rate of 4.76%. The loan will amortize semi-annually and will mature 12 years following the delivery of the ship, scheduled in the third quarter of 2014. According to a filing, under certain circumstances, the interest rate may be converted to a floating rate equal to LIBOR plus 1.3%. Germany’s export credit agency, Euler Hermes Kreditversicherungs, said it will guarantee 95% of the financing. Royal Caribbean agreed to syndicate 50% of the facility. KfW IPEX-Bank is acting as initial mandated lead arranger, facility agent, Hermes agent and original lender. Announced in February, Project Sunshine is a new-generation, 158,000gt ship for the Royal Caribbean International brand. It has just over 4,100 lower berths. The estimated all-in cost per berth at the time the order was agreed was approximately €170,000. Royal Caribbean holds an option for a second Project Sunshine ship for delivery in spring 2015. |
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