KfW IPEX-Bank finances cruise ship for Carnival Corporation & plc
Press Release from 2018-07-06 / KfW IPEX-Bank
- KfW IPEX-Bank is providing approximately EUR 786 million to Carnival Corporation & plc
- Construction of new LNG-powered cruise ship
- To be built at Meyer Werft shipyard in Papenburg, Germany
Financing for the world's largest leisure travel company, Carnival Corporation & plc: KfW IPEX-Bank is providing approximately EUR 786 million for the construction of a new cruise ship. KfW IPEX-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 percent of the financing amount. The financing has 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 Corporation & plc, which placed the order with Meyer Werft Papenburg, one of the world’s leading cruise ship builders, to build a new flagship.”
The new ship will be built by Meyer Werft in Papenburg. The cruise ship has a low-emission dual-fuel engine using LNG and marine diesel, and will normally run on LNG. The cruise ship will be able to accommodate approximately 5,200 guests (lower berths). Delivery is scheduled for May 2022.