Carnival Fetches USD 920 Mn Financing from KfW IPEX-Bank

MoneyIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Miami-based cruise major Carnival Corporation has reached an agreement on an EUR 786 million (USD 920.7 million) financing with Germany’s KfW IPEX-Bank to fund the construction of a new cruise ship.

To be built by Meyer Werft in Papenburg, the new cruise ship will feature a low-emission dual-fuel engine using liquefied natural gas (LNG) and marine diesel, and will normally run on LNG. The cruise ship, which is scheduled for delivery in May 2022, will be able to accommodate around 5,200 guests.

KfW IPEX-Bank informed that it is handling the entire structuring of the financing and taking on the roles of book runner, initial mandated lead arranger (MLA), facility agent and export credit agency (ECA) agent. The plan is to syndicate up to 80 percent of the financing amount.

“With this financing we are once again demonstrating our competence in arranging tailored financing for our customers in the cruise segment,” Andreas Ufer, Member of the Management Board of KfW IPEX-Bank, saud.

“We are enabling our long-standing customer Carnival Corporation & plc, which placed the order with Meyer Werft Papenburg, one of the world’s leading cruise ship builders, to build a new flagship.”

The financing has a term of 12 years from the date of delivery. It is backed by export credit insurance issued by the Federal Republic of Germany (Hermes cover) and encompasses the Commercial Interest Reference Rate (CIRR) for ships, which is determined by the Organisation for Economic Co-operation and Development (OECD).

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