Royal Caribbean gets financing for cruise ship

AP News
Posted: Dec 21, 2009 10:44 AM

Royal Caribbean Cruises Ltd. said Monday that it has up to $1.13 billion in unsecured financing to help pay for its Allure of the Seas cruise ship.

The financing covers 80 percent of the vessel's contract price and will be 95 percent guaranteed by Finland based export credit agency Finnvera. BNP Paribas, Citi, Nordea Bank and SEB will each provide 25 percent of the financing.

The Allure of the Seas is a sister ship to Royal Caribbean's Oasis of the Seas, the world's largest cruise liner. Allure spans 1,200 feet from bow to stern, has 2,700 cabins and can accommodate 6,300 passengers and 2,100 crew. It is expected to launch in 2011.

Shares of Royal Caribbean added 28 cents to $25.86 in morning trading.