Royal Caribbean said today that they have secured financing for the 220,000-ton Oasis of the Seas, which will be delivered in November. The unsecured financing amounts to $1,050,000,000, or 80% of the contract price.
95% of the financing is guaranteed by Finnvera, the official export credit agency of Finland.
"We are very pleased to have secured the financing for Oasis of the Seas," said Brian Rice, RCCL's EVP and CFO. "With the tight credit environment and lack of liquidity in the financial markets today, this financing is a testimony to the strength of our company, the terrific partnership we have with Finland, and the outstanding long-term relationships we enjoy with our banks."
Even though many in the media kept trying to inject drama into the situation, RCCL said all along that they were confident the financing would be in place by the time it was necessary, but it just takes longer in today's credit market. Today's announcement has proven them correct.
