KfW IPEX-Bank is to provide around €786 mill for the construction of a new cruise ship for Carnival Corp.
The bank is handling the entire structuring of the financing and taking on the roles of book runner, initial mandated lead arranger (MLA), facility agent and export credit agency (ECA) agent.
The plan is to syndicate up to 80% of the financing, which will have a term of 12 years from the date of delivery. It is backed by export credit insurance issued by the Federal Republic of Germany (Hermes cover) and encompasses the Commercial Interest Reference Rate (CIRR) for ships, which is determined by the Organisation for Economic Co-operation and Development (OECD).
“With this financing we are once again demonstrating our competence in arranging tailored financing for our customers in the cruise segment,” said Andreas Ufer, Member of the Management Board of KfW IPEX-Bank. “We are enabling our long-standing customer Carnival Corp, which placed the order with Meyer Werft Papenburg, one of the world’s leading cruise shipbuilders, to build a new flagship.”
The cruise ship will be fitted with a low-emission dual-fuel engine using LNG and marine diesel, but will normally run on LNG. The cruise ship will be able to accommodate about 5,200 pax (lower berths).
Delivery is scheduled for May, 2022.