Royal Caribbean and Norwegian Cruise Line Leverage German Payment Holiday Offer
|Royal Caribbean and Norwegian Cruise Line Leverage German Payment Holiday Offer|
According to a statement filed with the Security and Exchange Committee - Both Norwegian Cruise Line and Royal Caribbean have agreed to leverage an offer from the German Government to delay payments on the mortgages / loans - for ships constructed in Germany. The terms will not eliminate payments - but allow the cruise lines to forgo payments for the next 12 months and extend the loan by 12 months.
The official filing is as follows:
Norwegian Cruise Line.
Beginning on April 20, 2020, NCL Corporation Ltd. (“NCLC”), a subsidiary of Norwegian Cruise Line Holdings Ltd. (the “Company”), amended the export-credit backed facilities that finance Norwegian Bliss, Norwegian Breakaway, Norwegian Encore, Norwegian Escape, Norwegian Getaway and Norwegian Joy to incorporate the terms of a 12-month debt holiday initiative offered to the cruise industry by Euler Hermes Aktiengesellschaft (“Hermes”), the official export credit agency of Germany. The debt holiday was initiated to provide interim debt service and financial covenant relief for borrowers during the current global COVID-19 pandemic with respect to their Hermes guaranteed financings. Across the facilities detailed below, these amendments provide approximately $386 million of incremental liquidity to the Company through April 2021.
Royal Caribbean Cruises announced it had made changes to the export-credit backed loan facility incurred to finance Quantum of the Seas in order to incorporate the benefits of a 12-month debt holiday initiative being offered by Euler Hermes Aktiengesellschaft, the official export credit agency of Germany.
Other ships covered under this agreement include the financing of the Celebrity Eclipse, Celebrity Equinox, Celebrity Solstice and Celebrity Silhouette in order to incorporate the benefits of the Debt Holiday.
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