16 April 2009

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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• Mentioned incorrect port
  
  

  The Oasis of the Sea will be based in Port Everglades at Fort Lauderdale, Florida not Miami

  By Marie Jacq Lopez, Friday, April 17, 2009