KfW IPEX-Bank finances two new cruise ships for Norwegian Cruise Line

Frankfurt am Main (ots) -

- Ships to be built at Meyer Werft shipyard in Papenburg:
continuation of a success story with long-time business partners
- High-volume financing for prosperous cruise industry

KfW IPEX-Bank has structured the financing for the two new cruise
ships to be built at Meyer Werft shipyard in Papenburg for
Miami-based Norwegian Cruise Line. The ship's contract price is
altogether nearly EUR 1.6 billion.The corresponding agreements were
signed on monday.

The financing, which will be disbursed in US dollars, is covered
by export credit insurance provided by Euler Hermes and includes the
favourable CIRR (Commercial Interest Reference Rate) for ship
financing set by the OECD.

KfW IPEX-Bank took on the structuring for the overall financing
and its commitment of the overall loan amount has ensured the order
for Meyer Werft. The loan is to be syndicated to an international
consortium of banks.

"As one of the leading ship financiers worldwide, this
large-volume financ-ing underscores our structuring expertise in the
area of cruise ships," commented Christian K. Murach, responsible
member of the Management Board of KfW IPEX-Bank at the signing. "In
continuing our long-standing, successful cooperation with our
business partners Norwegian Cruise Line and Meyer Werft, we are also
contributing to supporting both the German export industry and
northern Germany as a shipbuilding location."

The new vessels will belong to the Breakaway Plus-C lass of ships.
The first ship of this class is currently being built by Meyer Werft
for Norwe-gian. Given their gross tonnage (GT) of 164,600 each, both
newbuilds will be able to accommodate almost 4,200 passengers for
delivery in the second quarter of 2018 and the fourth quarter of
2019.

Norwegian Cruise Line is the third largest cruise line in the
world with cur-rently thirteen cruise ships and more than 1.6 million
passengers per year.

The Meyer Werft shipyard is a family-owned operation in the
seventh generation and has been building ships for almost 220 years.
The shipyard with a long tradition builds state-of-the-art cruise
liners for customers from all over the globe, and is the most
important employer in the Papenburg region.

About KfW IPEX-Bank GmbH

Within the KfW Group, KfW IPEX-Bank is responsible for
international project and export finance. Its function of providing
financing to boost the German and European economy is derived from
the legal mandate assigned to KfW. It offers medium- and long-term
financing to support key export industries, to develop economic and
social infrastructure and to fund environmental and climate
protection projects. KfW IPEX-Bank operates as a legally independent
group subsidiary and plays a major role in fulfilling KfW's
promotional mission. It is represented in the most important economic
and financial centres across the globe.

Pressekontakt:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: Dela Strumpf, E-Mail: dela.strumpf@kfw.de
Tel. 069 7431-2984, Fax: 069 7431-9409,
E-Mail: info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de