Unicredit, BNP and CDP throw a credit line to MSC Crociere
The financing will support the purchase of two cruiseships of the Seaside Evo class to be built at Fincantieri
Two Italy-based financing institutes and a French one will provide money to MSC Crociere.
The credit line was provided by a syndicate of lenders comprising BNP Paribas, Unicredit and Cassa Depositi e Prestiti S.P.A., with Italian ECA SACE SIMEST backing it and stabilising interest rate.
The €1.5bn ECA-backed financing is directed to support the purchase of two cruiseships of the Seaside Evo class to be built at Fincantieri, the larger evolution of MSC Seaside class cruiseships. The first newbuilding is expected to be delivered in May 2021, the second in February 2023; the 339m long vessels will offer 2,280 cabins, a larger deck and yacht club, and will be equipped with state-of-the-art environmental technology, from recycling and waste management systems meeting the very highest industry standards to the latest generation of energy-saving devices.
Watson Farley & Williams advised its long-standing shipping client on the financing measure through its London Maritime team led by Partner and Global Maritime Group Head Lindsey Keeble, supported by Senior Associate Emily Widdrington and Associate Tanpreet Rooprai, while Partner Robert Platt advised MSC on the shipbuilding contracts.
The same team had advised MSC on financing of first 2 Seaside class ships in 2015 and delivery in November 2017 and June 2018.