1 August 2013
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised the lenders on the financing of a 738-passenger luxury cruise ship, which is under construction at Fincantieri shipyard in Italy.
WFW advised Crédit Agricole CIB and the group of Joint Mandated Lead Arrangers and Lenders they put together, Société Générale, HSBC and KfW IPEX on the financing, which was completed on July 31, 2013. The financing also benefits from support by the Italian export credit agency SACE S.pA.
Upon delivery in 2016 the vessel will join the fleet of luxury cruise liners operated by Florida-headquartered Regent Seven Seas Cruises.
Asset Finance partner Lindsey Keeble led the WFW team and was supported by asset finance associate Kate Silverstein and tax partner Richard Stephens (WFW Paris and London). Partner Leo Chang (WFW New York) also provided assistance on the transaction.
Lindsey Keeble, asset finance partner at WFW, said: “We were delighted to assist on the successful closing of this transaction which represents the latest in a series of cruise ship financings completed by WFW ranging from mega-ships to niche luxury cruise liners. This confirms our leading expertise in the cruise ship industry and in working on ECA backed financings.”
WFW has recently been advising on a spate of deals in the cruises sector. In August 2013 WFW advised Royal Caribbean Cruises Ltd on €892 million financing and acted for Viking Cruises on €500 million financing.