Published on: April 16, 2009 by travelpulse.com
Royal Caribbean Cruises Ltd. said it has arranged commitments for unsecured financing in the amount of $1.05 billion, or 80 percent of the contract price of Royal Caribbean International’s Oasis of the Seas. The facility will be 95 percent guaranteed by Finnvera, the official export credit agency of Finland, and amortizes over 12 years. BNP Paribas, Nordea Bank and SEB have each committed to provide 20 percent of the financing and each may elect to opt-out after six years. Finnish Export Credit Ltd. will provide funding for the remaining 40 percent. The company has an option of a floating or fixed rate of interest, and overall terms will fall within the company’s financial projections. The commitments are subject only to customary closing conditions.