Royal Caribbean has come to an agreement to get an unsecured loan for up to €892 million to finance its third Oasis-class cruise ship. COFACE, the export credit agency of France, will guarantee 100% of the financing, according to a filing.
As soon as the loan is funded, it will amortize semi-annually and will mature 12 years as soon as STX France shipyard delivers the new ship, which is currently scheduled for the second quarter of 2016.
Interest on the loan is expected to accrue at a fixed rate of 2.6%, including the applicable margin, or at a floating rate equal to EURIBOR plus 1.15%.
Société Générale is serving as facility agent and mandated lead arranger, BNP Paribas as documentation bank and mandated lead arranger, and HSBC France as mandated lead arranger.
