NEW YORK – Holland & Knight's International Finance Team recently assisted Finnvera plc, the official export credit agency of the State of Finland, in an international financing in which Royal Caribbean Cruises Ltd. (RCCL) acquired the world's largest cruise ship, Oasis of the Seas, delivered on October 28, 2009, from STX Finland (a part of STX Europe) in Turku, Finland.
Finnvera provided a 95 percent guarantee of the over US$1 billion post-delivery financing obtained by RCCL from three international commercial banks, BNP Paribas, Nordea Bank and Skandinaviska Enskilda Banken (SEB), and Finnish Export Credit Ltd. In addition to counseling Finnvera, the firm provided U.S. and New York legal advice to Finnish Export Credit, Ltd.
The Holland & Knight finance team was led by New York Partner Jovi Tenev and included Richard Crowley, Andrew Holmes, Nana Prempeh (all in New York), and Jim Rollins (Atlanta).
"In a tough global business environment, funding and completing an ambitious project, like Oasis, is especially difficult, and Finnvera, the Lenders, Royal Caribbean, and STX, its thousands of shipyard workers in Finland and world-wide suppliers, are all to be congratulated," stated Tenev. "We are thrilled to be a part of this historic project, which reinforces Finland's preeminence in innovative, high-quality shipbuilding and ship design, beautifully executed and delivered ahead of schedule to boot!"
Oasis of the Seas will be christened by seven godmothers on November 30, at her home port in Fort Lauderdale, Florida. The ship's inaugural cruise will take place on December 5.
The largest passenger ship ever built, the Oasis is marvel of marine architecture. Oasis spans 16 decks, about the height of a 20-story building, and some 225,000 gross registered tons, and accommodates 5,400 guests at double occupancy in 2,700 staterooms. She is the first ship to feature Royal Caribbean's new "neighborhood" concept of seven distinct themed areas, which include Central Park, Boardwalk, the Royal Promenade, the Pool and Sports Zone, Vitality at Sea Spa and Fitness Center, Entertainment Place and Youth Zone.
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