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KfW IPEX touts its critical role in Norwegian newbuilds at Meyer

KfW IPEX touts its critical role in Norwegian newbuilds at Meyer

KfW IPEX-Bank, which structured the financing for the pair of Breakaway-Plus newbuilds at Meyer Werft announced Monday, said the loan toward the €1.6bn order will be disbursed in US dollars and is covered by export credit insurance provided by Euler Hermes. It includes the favourable Commercial Interest Reference Rate for ship financing set by the OECD.

As earlier reported here, that 12-year financing on 80% of the contract price of the two newbuilds is at a fixed rate of 3.92%.

KfW IPEX-Bank took on the structuring for the overall financing and its commitment of the overall loan amount ensured the order for Meyer Werft. The loan is to be syndicated to an international consortium of banks.

'As one of the leading ship financiers worldwide, this large-volume financing underscores our structuring expertise in the area of cruise ships,' said Christian K. Murach, responsible member of the management board of KfW IPEX-Bank, at the signing.

'In continuing our long-standing, successful cooperation with our business partners Norwegian Cruise Line and Meyer Werft, we are also contributing to supporting both the German export industry and northern Germany as a shipbuilding location,' he added.

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