December 21, 2009
Royal Caribbean finds financing for Allure of the Seas
BNP Paribas, Citibank, Nordea and SEB have provided commitments to finance an approximately EUR 800 million post-delivery export credit for the purchase of the vessel Allure of the Seas to Royal Caribbean Cruises Ltd. (NYSE:RCL). The facility will be 95 percent guaranteed by Finnvera, the official export credit agency of Finland, and
M/S Allure of the Seas is the sister ship to the biggest cruise ship in the world, M/S Oasis of the Seas, and will be delivered from the STX Finland Ltd.'s Turku shipyard in November 2010.
Royal Caribbean Cruises Ltd. (NYSE: RCL; Oslo) today said the commitments covered 80 percent of the contract price of Allure of the Seas.
The facility amortizes over 12 years. BNP Paribas, Citi, Nordea Bank and SEB have each committed to provide 25 percent of the financing and each has a seven year put option. Royal Caribbean has an option of a floating or fixed rate of interest. The commitments are subject only to customary closing conditions.