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Cruise Ship in Port

WFW advises Crédit Agricole and SACE on loan facility amendments following Norwegian Cruise Line acquisition of Prestige Cruises

24 November 2014

Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Crédit Agricole Corporate and Investment Bank (“CACIB”), SACE S.p.A. (“SACE”) and a syndicate of banks on the amendments to the guarantee structure of three loan facilities provided to subsidiaries of Prestige Cruise Holdings Inc. (“Prestige”). These amendments follow Norwegian Cruise Line Corporation Ltd’s (“NCL”) US$3.025 billion acquisition of Prestige.

The three SACE backed loan facilities of up to €400 million, €400m and €300m respectively, were used to fund the purchase of the cruise ships Marina, Riviera, and Explorer. Both Marina and Riviera are already in operation as part of the Oceania Cruises fleet, while Explorer is expected to deliver in 2016 and will sail as part of the Regent Seven Seas fleet. Following NCL’s takeover of Prestige and the subsequent amendments, the loans are now guaranteed by NCL.

The WFW team was led by London partner and Head of Maritime Lindsey Keeble, along with senior associate Kate Silverstein and associate Philip Arcoumanis.

WFW Head of Maritime, partner Lindsey Keeble, said: “We are pleased to have advised long-time client CACIB, a significant financier in the cruise sector, on this transaction relating to this major acquisition in the cruise ship sector.”

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