Citi has acted as global co-ordinator on a US$1.7bn facility to fund a luxury travel company’s purchase of two vessels from an Italian shipbuilder, backed by export credit agency Sace.
Abercrombie & Kent (A&K) secured the loan to buy the ships from Fincantieri, with delivery scheduled for 2028 and 2032, according to a statement from law firm Norton Rose Fulbright, which advised Citi and the syndicate of lenders.
Fincantieri is building the ships, which will be deployed under A&K’s Crystal brand, at its shipyard in Marghera, near Venice.
The US lender was the global coordinator, mandated lead arranger, agent and security agent on the deal.
Banca Monte Dei Paschi di Siena, Bper Banca, CaixaBank, Cassa Depositi e Prestiti, Crédit Agricole Corporate and Investment Bank, and Santander were also involved in the facility.
Norton Rose Fulbright lawyer Matthew Bambury says the deal was backed by Italian export credit agency Sace, although the level of cover was not disclosed. Bank-owned development finance institution Simest provided “interest rate support”, a source familiar with the deal says.
Bambury says the deal “reflects the growing momentum in the cruise sector”.
Citi and A&K declined to provide the terms of the deal. Sace did not respond to questions from GTR.
