Commitments for unsecured financing of up to $1.13 billion has been arranged to fund the construction of a sister vessel to Oasis of the Seas, the world’s largest cruise ship.
Royal Caribbean Cruises said the commitments represented 80% of the contract price of Royal Caribbean International’s Allure of the Seas, which is due to enter service in late 2010.
The facility will be 95% guaranteed by Finnvera, the official export credit agency of Finland, and amortizes over 12 years, the cruise company said.
BNP Paribas, Citi, Nordea Bank and SEB have each committed to provide 25% of the financing and each has a seven year put option.
The company has an option of a floating or fixed rate of interest.
by Phil Davies
