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Royal Caribbean secures $1bn finance for biggest cruise ship
Royal Caribbean Cruises has arranged commitments for unsecured financing worth more than $1 billion for Oasis of the Seas, the world’s largest cruise ship.
The amount represents 80% of the contract price of the 5,400-passengers vessel which is due to enter service from Port Everglades in December.
Royal Caribbean said the facility will be 95% guaranteed by Finnvera, the official export credit agency of Finland, and amortizes over 12 years.
BNP Paribas, Nordea Bank and SEB have each committed to provide 20% of the financing and each may elect to opt-out after six years.
Finnish Export Credit will provide funding for the remaining 40%.
The line’s chief financial officer Brian Rice said: "We are very pleased to have secured the financing for Oasis of the Seas.
"With the tight credit environment and lack of liquidity in the financial markets today, this financing is a testimony to the strength of our company, the terrific partnership we have with Finland, and the outstanding long-term relationships we enjoy with our banks."
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