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Holland & Knight advises on acquisition of Oasis
- Details
- Category: Oasis of the Seas Coverage
- Published on Friday, 20 November 2009 15:30
- Written by Teijo Niemelä
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 $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!"
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