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Genting HK
Ceremonial signing - Lim Kok Thay (center), Hui Lim (third from right), executive director of Genting HK; Heah Sieu Lay (third from left) and Ambrose Lam (second from right), both independent non-executive directors of Genting HK, with delegates from Credit Agricole, DNB Bank and KfW IPEX-Bank

Genting Hong Kong arranges $1.6bn loans for Star Cruises newbuilds

Genting Hong Kong arranged the equivalent of US$1.6bn in German state-guaranteed loans for its pair of 150,000gt Star Cruises newbuilds at Meyer Werft.

The two term loan facilities provide an aggregate financing of up to the US dollar equivalent of €1.2bn, approximately $1.6bn at today’s exchange rate, and each has a term of 12 years from the delivery of the vessel. 

Deliveries are scheduled for the fourth quarters of 2016 and 2017.  

The financing is backed by export credit insurance issued by Germany's federal government.  

'The two new cruise ships to be purpose-built for the Asian market will reinforce Star Cruises’ leading position in Asia-Pacific and our commitment to develop the region as an international cruise destination,' said Tan Sri Lim Kok Thay, chairman and ceo of Genting HK. 'We are pleased to have secured financing from our key banks that share our vision and we are grateful for their staunch support.'

The mandated lead arrangers for both facilities are Credit Agricole Corporate and Investment Bank, DNB Bank ASA (Singapore branch) and KfW IPEX-Bank. KfW IPEX-Bank has structured the overall financing and also serves as the facility, Hermes and CIRR agent.      

A signing ceremony was held at Genting HK's Hong Kong headquarters.

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