Regent Seven Seas secures financing for Explorer newbuild

[HostDave]

Regent Seven Seas Cruises said it entered into a loan agreement providing for borrowings up to $440m with a syndicate of financial institutions to finance 80% of the contract cost of its $450m newbuild plus the export credit premium.

The company is building the all-balcony-suite Seven Seas Explorer at Fincantieri.

Borrowings under the loan bear interest, at RSSC's election, at a fixed rate of 3.43% per year or LIBOR plus 2.8%.

The 12-year fully amortizing loan requires semi-annual principal and interest payments commencing six months following the draw down date.

The addition of the 738-berth Seven Seas Explorer in summer 2016 will boost RSSC's capacity nearly 40%.