KfW IPEX-Bank participates in the financing of LNG cruise ship for Disney Cruise Line
News from 2018-04-13 / KfW IPEX-Bank
• Contract and job security for the Meyer Werft shipyard in Papenburg, Germany
• The ship is powered by LNG (liquid natural gas) in standard operation
• In addition to its role as mandated lead arranger, KfW IPEX-Bank is also acting as Hermes agent and facility agent.
A banking consortium which includes KfW IPEX-Bank is financing construction of a new cruise liner at the Meyer Werft shipyard in Papenburg, Germany. The financing, which amounts to a total of around USD 1 billion, is backed by a 95% Hermes cover and encompasses the favourable Commercial Interest Reference Rate (CIRR). KfW IPEX-Bank is providing approx. USD 152 million of this financing for Disney Cruise Line. It is also acting as Hermes agent, facility agent and mandated lead arranger. The ship is scheduled to be delivered in autumn 2022.
KfW IPEX-Bank, together with the same international banking consortium, already co-financed two cruise ships for Disney Cruise Line back in late 2016. Both ships are also being built at the Meyer Werft shipyard in Papenburg, Germany. They are scheduled to be delivered in 2021 and 2023.