Norton Rose Fulbright advises Citi on US$1.7bn ECA-backed financings for A&K cruise vessels
Global law firm Norton Rose Fulbright has advised longstanding client Citi and a syndicate of lenders on a more than US$1.7 billion export credit-backed financing package for two high-end passenger cruise vessels, expanding the Abercrombie & Kent (A&K) luxury cruise ‘Crystal’ brand.
Citi acted as global coordinator, mandated lead arranger, agent and security agent. Banco Santander, S.A., CaixaBank, S.A., UK Branch, Cassa Depositi e Prestiti S.p.A, Credit Agricole Corporate and Investment Bank, Banca Monte Dei Paschi di Siena S.p.A. and Bper Banca S.p.A. were all involved as lenders and in other roles.
The latest Crystal passenger cruise vessels will be built at the Fincantieri shipyard in Marghera, Italy and are expected to be delivered in May 2028 and Q2 2032, respectively.
The Norton Rose Fulbright team advising on the transaction was led by Global Co-Head of Shipping Simon Hartley and counsel Matthew Bambury, with support from senior associate Oliver Webber, associate Rebecca Daniels and trainee solicitor Meg Lyttelton. Partner Kirstin Russell and counsel Susan Rose, with support from associate Micah McDonald, separately advised Citi as security trustee.
Matthew Bambury commented: “We are delighted to have supported Citi on this strategically important ECA-backed financing for A&K for two high-end passenger cruise vessels. This transaction marks a significant milestone in the continued expansion of A&K’s luxury cruise brand, Crystal, and reflects the growing momentum in the cruise sector. As always, it was a pleasure to work with the Citi, SACE and SIMEST teams, as well as the lenders, who all continue to be involved in some of the most important transactions in the cruise-finance sector”.
The transaction follows on from a US$500 million term and revolving credit facility, for which Norton Rose Fulbright – led by partner Yianni Cheilas and Matthew Bambury – previously advised Citi and the syndicate of lenders. This transaction recently won the ‘Marine Money Wildcard Deal of the Year’ and was a strategically important transaction for A&K.
The team also previously advised on the ECA-backed financing of Royal Caribbean’s latest ‘Oasis Class’ vessel ‘Utopia of the Seas’ and ECA-backed credit financing and delivery of cruise vessel ‘MSC World America’.
Norton Rose Fulbright’s shipping team offers the full range of legal services to the global corporate finance, acquisition finance and shipping and offshore finance mandates, including to banks, lessors, brokers, owners and operators worldwide.