WFW Advises on Cruise Ship "Seven Seas Explorer" Delivery
International law firm Watson Farley & Williams (“WFW”) advised Crédit Agricole Corporate and Investment Bank (“CACIB”), SACE S.p.A. (“SACE”) and a syndicate of banks on the delivery of the cruise ship “Seven Seas Explorer” built by the Italian shipyard Fincantieri S.p.A. “Seven Seas Explorer” was delivered to Explorer New Build LLC, a wholly-owned subsidiary of Norwegian Cruise Line Corporation Ltd, on 30th June 2016 and will sail as part of the Regent Seven Seas fleet.
The SACE-backed loan facility of US$374 million was used to partially fund the construction of the vessel.
WFW had previously advised CACIB and SACE on the initial financing for this vessel and two other cruise ships, Marina and Riviera, already in operation as part of the Oceania Cruises fleet, and on the amendments to the guarantee structure of the three loan facilities provided to subsidiaries of Prestige Cruise Holdings Inc. further to its acquisition by Norwegian Cruise Line Holdings Ltd. for US$3.025 billion. WFW also advised CACIB and SACE earlier this year on the financing of another cruise ship to sail as part of the Regent Seven Seas fleet and to be built by the Italian shipyard Fincantieri S.p.A and delivered in 2020.
The WFW team was led by Paris asset finance partner Alexia Russell, assisted by London senior associate Emily Widdrington and Paris associate Ruth van Lare.