KfW IPEX-Bank finances P&O Cruises newbuild at Meyer Werft

KfW IPEX-Bank is providing approximately €786m to Carnival Corp. & plc for the construction of P&O Cruises' newbuild at Meyer Werft, due for May 2022 delivery. 

The ship will be equipped with dual-fuel engines using LNG and marine diesel, and will have 5,200 lower berths. It is the sister of 2020's Iona.

Plan to syndicate up to 80% of the financing

KfW IPEX-Bank 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 agent. The plan is to syndicate up to 80% of the financing amount.

The financing has a term of 12 years from the date of delivery. It is backed by Germany's export credit insurance (Hermes cover) and encompasses the commercial interest reference rate for ships, determined by the Organisation for Economic Co-operation and Development,

Tailored financing for the cruise segment

'With this financing we are once again demonstrating our competence in arranging tailored financing for our customers in the cruise segment,' said Andreas Ufer, KfW IPEX-Bank board member.

Carnival Corp. & plc is a longstanding client of the bank.

Posted 06 July 2018

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Anne Kalosh

US editor of Seatrade Cruise Review and Seatrade Cruise News

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