MSC Cruises Fetches USD 2.8 Bn to Finance New Ships

Switzerland-based cruise company MSC Cruises has secured an EUR 2.5 billion (USD 2.8 billion) financing package for three new vessels.

The ships in question are the company’s World Class 1 and 2 and a fifth vessel in their Meraviglia Class of ships.

According to law firm Watson Farley & Williams, the financing structure provides construction financing for the cruise ships as well as post-delivery financing in respect of 80% of the total cost of construction of the three units.

The financing was provided by a syndicate of lenders with Société Générale as lead mandated lead arranger, Citibank N.A. as initial mandated lead arranger and BNP Paribas, HSBC France, Banco Santander and Unicredit AG as mandated lead arrangers.

Once delivered, the World Class vessels would be the largest cruise ships in the world by passenger numbers. All three ships are being built at Chantiers de l’Atlantique in St Nazaire, France, with World Class 1 due for delivery in 2022, Meraviglia 5 in 2023 and World Class 2 in 2024.