Post-delivery financing for MS Oasis of the Seas agreed

An agreement has been reached on the post-delivery financing of the cruise vessel Oasis of the Seas under construction at the Turku Shipyard of STX Finland Cruise Oy and to be delivered next autumn. The agreement was made between the buyer of the vessel, Royal Caribbean Cruises Ltd, three commercial banks, Finnvera and Finnish Export Credit Ltd.

Finnvera raised the coverage of the guarantee granted for the post-delivery financing from its original offer of 80 per cent to 95 per cent. The guarantee will be given for a buyer credit of approximately EUR 800 million that is to be used for the payment of the final instalment of the vessel’s purchase price. Finnvera’s guarantee exposure for the vessel is at its peak EUR 760 million.

60 % of the credit comes from three commercial banks: BNP Paribas, SEB, and Nordea. 40 % of the loan will be refinanced by Finnish Export Credit Ltd, a subsidiary of Finnvera under Finnish Government's temporary funding scheme for export credits. According to the OECD terms, the Finnvera guaranteed loan must be paid back within 12 years.

Additional information: Managing director Pauli Heikkilä + 358 20 4607321 and Executive Vice President Topi Vesteri +358 20 4607238

Finnvera plc is a specialised financing company owned by the State of Finland. It provides its clients with loans, guarantees, venture capital investments and export credit guarantees. Finnvera's subsidiary Finnish Export Credit Ltd offers interest ecqualisation and export credit services. Finnvera and Finnish Export Credit Ltd are Finland’s official export credit agencies (ECAs).