German lender KfW IPEX-Bank is helping to provide funding of EUR 786m ($920m) for a Carnival Corp cruiseship newbuilding.
The 184,000-gt LNG-powered vessel is being built at Meyer Werft in Papenburg.
KfW is handling the entire structuring of the financing and taking on the roles of book runner, initial mandated lead arranger, facility agent and export credit agency (ECA) agent.
The plan is to syndicate up to 80% of the amount.
The loan matures over 12 years from delivery in May 2022.
Export credit insurance has been issued by Germany through the Hermes agency 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, which placed the order with Meyer Werft Papenburg, one of the world's leading cruiseship builders, to build a new flagship."
The vessel has a low-emission dual-fuel engine using LNG and marine diesel, and will normally run on LNG. It will house 5,200 guests.
