Oasis of the Seas is moving forward. Royal Caribbean Cruises Ltd. announced it has arranged commitments for unsecured financing in the amount of $1.05 billion or 80 percent of the contract price of the ship. The news comes shortly after the Miami Herald reported the cruise line hit a snag in financing the ship.
The facility will be 95 percent guaranteed by Finnvera, the official export credit agency of Finland. BNP Paribas, Nordea Bank and SEB have each committed to provide 20 percent of the financing and each may elect to opt-out after six years. Finnish Export Credit Ltd. will provide funding for the remaining 40 percent.
"We are very pleased to have secured the financing for Oasis of the Seas," said Brian J. Rice, executive vice president and chief financial officer. "With the tight credit environment and lack of liquidity in the financial markets today, this financing is a testimony to the strength of our company, the terrific partnership we have with Finland, and the outstanding long-term relationships we enjoy with our banks."