The amount is for up to $107,694,892, or 80% of the purchase price for the ship. Seventy percent of the loan will be guaranteed by Garantiinstituttet for eksportkreditt, Norway's export credit agency.
At the borrower’s election, the loan will bear interest either at a fixed interest rate effectively equal to 5.78% or a floating interest rate equal to three-month LIBOR plus a margin of 3% per annum.
The loan will amortize quarterly based on a 12-year profile, with 70% maturing over 12 years from drawdown, and 30% maturing over five years from drawdown. The loan is secured by a first priority mortgage over the new vessel and the assignment of related insurances.
Norway's Ulstein Verft recently cut steel for the 126-berth ship.
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