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NCLH gets financing for Leonardo 5 and 6, Oceania's Allura pair

Subsidiaries of Norwegian Cruise Line Holdings entered into separate credit agreements for the fifth and sixth Project Leonardo ships for Norwegian Cruise Line and for the newly announced Allura-class ships for Oceania Cruises.

All are being built at Fincantieri yards in Italy.

Deliveries in 2022, 2025, 2026, 2027

The 67,000gt Allura pair are due in 2022 and 2025, while the 140,000gt Leonardo ships are scheduled in 2026 and 2027.

BNP Paribas is facility agent, Crédit Agricole Corporate And Investment Bank is SACE agent and HSBC Corporate Trustee Company (UK) Limited is security trustee. As well, certain other financial institutions from time to time will serve as lenders. Each credit facility became effective Jan. 8.

The facilities for the Leonardo 5 and 6 newbuilds and the second Oceania ship are subject to certain approvals by SACE (Italy's export credit agency) and SIMEST (a private equity/venture capital firm specializing in Italian exports that is 76% controlled by SACE).

The facilities provide multi-draw term loan loans for up to $954,854,772 for the Leo 5 vessel (subject to adjustment based on the euro/US dollar exchange rate on the date SACE approves the facility) and €663,900,415, for the Leo 6 vessel. The loans are $690,718,071 for the first Oceania ship and €480,248,963 for second. Each loan matures 12 years after the ship's delivery.

The loans provide 80% of the contract price and 100% of the SACE premium.

Fixed or floating interest rates

Interest, at the borrower's election, will be a fixed rate of 3.64% for the first Oceania ship and Leo 5, 1.39% for the second Oceania ship and 1.44% for the Leo 6 vessel, or a floating interest rate equal to the six-month Euribor or Libor, with zero floor plus a margin of 1.45% for the first Oceania ship and Leo 5, 1.15% for the second Oceania ship and 1.2% for Leo 6.

The loans are secured by NCLH and the ships. In addition, 100% of the loans in the facility for the first Oceania vessel will be insured by SACE. The loans under the facilities for the Leo 5, Leo 6 and the second Oceania ship are subject to certain approvals by SACE and SIMEST and are also expected to be 100% insured by SACE.

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