Germany's KfW IPEX-Bank has unveiled a financing deal worth more than EUR 2.5bn ($2.97bn) for Royal Caribbean's two new dual-fuel cruiseships at Meyer Turku.
It is leading a consortium backed by Finnish export credit agency (ECA) Finnvera and the German equivalent Hermes to fund the 200,000-gt Project Icon vessels, which are due from the Finnish yard in 2022 and 2024.
Andreas Ufer, member of the KfW management board, said: "Cruiseships are booming, and the aim is to shape this trend for the lowest possible level of emissions for mankind and nature. We are pleased that our financing is helping to advance LNG propulsion."
KfW called the 12-year financing "complex", with itself as syndicate leader, initial mandated lead arranger, facility agent, documentation agent and Hermes agent.
The syndicate also includes BNP Paribas, HSBC, Commerzbank, Santander, BBVA, Bayern/LB, DZ Bank, JPMorgan and SMBC.
"This is the largest syndicate financing package that KfW IPEX-Bank has ever structured and led on its own," it added.
KfW IPEX-Bank is contributing EUR 686m to the total.
Finnvera will make up the majority of the funds at the OECD-set ship refinancing scheme commercial interest reference rate (CIRR).
RCCL had previously said it had fixed funding worth 80% of the maximum EUR 1.65bn contract price of the ships.
